3 Things You Should Know About Condo or Co-Op Insurance
Posted on November 1, 2017
You ever hear someone brag about how easy it was for them to read through all the fine print in their apartment insurance policy?
Yeah, neither have we. That’s why an insurance broker can help — especially if you own a condo or co-op. Here are three things about these policies that might surprise you.
1. Dorm Trooper: If your child is away for college, did you know that their belongings may be covered under your policy?
Gotham says: It’s true. Usually on-campus housing is covered by your co-op insurance — although off-campus is often not.
2. Mind the Gap: Did you know that your personal policy fills the gaps in your condo or co-op’s master policy? For example, you’ll need coverage if there is damage to the building that begins in a common area but continues through to your front door and into the unit.
Gotham says: It’s often overlooked, but your condo or co-op’s master policy often does not cover “minor” details like the surfaces of walls and floors, renovation work, and kitchen and bathroom fixtures and appliances. That’s why you need co-op or condo insurance.
3. Card Carrying Member: You’ll need a special policy to insure items such as jewelry, fur, and silverware. Extensive artwork collections might warrant a special policy, too.
Gotham says: An agent will typically ask about jewelry or fur, but often things like baseball card, comic book, and stamp collections may not come up in conversation — nor do guns, $15,000 bicycles, and first editions.