3 Things You Should Know About Condo or Co-Op Insurance

You ever hear someone brag about how easy it was for them to read through all the fine print in their apartment insurance policy?

condo or co-op insurance
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.

condo or co-op insurance picture of a dorm room

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.

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