Condominium / Co-op Insurance
Banks require insurance coverage to protect their investment when you purchase a condo or cooperative home. Additional insurance coverage may be needed to cover your personal items, liability or other fees that can be charged to you regarding shared areas like lobbies, pools and other recreational areas.
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Individual Insurance Policy
This can cover your items such as personal possessions, structural improvements and disaster and damage related expenses such as theft, fire, flood or other mishaps that are shown in your policy. This will also provide liability protection.
Master Policy provided by the Condominium / Cooperative Board
Master Policies cover areas that you share with other residents such, typically referred to as common areas, such as courtyards, lobbies, pools, elevators, basements, roofs, and other recreational areas. Read your association’s bylaws to gain a firm grasp on what parts of your home fall under the coverage of the condo/cooperative association. This will help you adequately insure your dwelling. Call us with any questions you may have or speak with your association or perhaps an attorney.
The degree of coverage can vastly vary between condo/cooperative associations. In one instance the dwellings may be insured as originally built and in the other only the walls, bare floors and ceiling structures may be insured, leaving the owner to cover all appliances, fixtures, plumbing and wiring.
Insurance Terminology and Additional Coverage
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