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.

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Insurance Terminology and Additional Coverage

Flood or Earthquake

Living in areas prone to natural disasters will cause extra coverage needs such as flood and earthquake insurance policies. These insurances may be purchase by contacting your insurance agent or representative.

Floater or Endorsement

If you own items that carry high dollar values such as collectibles, antiques, etc. it might be in your best interest to acquire additional coverage due to the typical $1,000 to $2,000 limits on theft regarding those items on a typical policy.

Water Back-Up

This may or may not be included in your standard policy. This covers water damage from backed up drains and sewers therefore check your policy to determine if you are covered or not.

Unit Assessment

If a disaster event such as fire occurs in a common area shared by all owners this would reimburse you should the event be a covered loss. Typically all owners are charged for repair fees stemming from the loss.

Umbrella Liability

You may receive more liability protection and wider coverage than what is typically covered on standard policies and is generally inexpensive.
You may also be eligible for discounts due to installing and maintaining smoke detectors that notify an outside service. There may also be discounts for insuring your individual insurance policy with the same company that provides the Master Policy. Make sure to inquire about discounts when purchasing policies.

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