Buying a Co-Op or Condo is Stressful, Insuring it Doesn’t Have to Be
We buy car insurance in case of a crash. We buy health insurance in case of an emergency. And we buy life insurance to take care of our families. Condo and co-op insurance isn’t a choice. The choices are regarding level of coverage and who you are going to get it from. Co-op and condo insurance protects your personal property and the internal apartment structure in case the worst happens, and provides the funds you will need to make repairs and replace property.
Of course, there are a variety of coverage plans that cover a wide range of damage related events, including fire and wind damage, theft, water damage from bursting pipes and overflows, personal liability, and damage to other residents’ property. Most plans even cover necessary additional living expenses, such as hotel bills, meals, laundry, and other related expenses while your residence is being repaired. Also, co-op and condo insurance can also protect you from credit card and check forgery.
For residents of New York City, buying co-op or condo insurance can be a unique situation. Though landing a condo or co-op in New York City’s competitive housing market can be challenging, and moving can be stressful, Gotham Brokerage Co. makes buying co-op or condo insurance as easy, simple and straightforward as possible. With more than 50 years of experience operating in the ever-changing New York City market, Gotham stands alone as the one company that can help you evaluate your insurance needs and get you paired with the right insurance plan that makes sense for living in New York City. What’s more, our expert team guarantees your insurance meets board approval, loan approval, and bank requirements. We’re here to make protecting your most valuable possessions a walk in the park.
What is Included in Condo or Co-Op Insurance?
Condo and co-op insurance varies from plan to plan, but in general, offers great protections. For starters, policies typically cover the unit itself, including fixtures and walls; personal property, such as electronics, jewelry, furniture, valuables and other items; personal liability, meaning legal expenses from lawsuits or civil claims against you; living expenses like lodging, food, and transport if you are displaced; and loss assessment, i.e. your part of losses shared by the HOA.
“Condo insurance covers what your association’s master policy won’t,” according to a report in NerdWallet. “This could include replacing a stolen TV or repairing the inside of your unit after a disaster. Condo insurance also offers liability coverage in case your dog bites someone or a guest gets hurt in your home. Individual condo insurance generally covers your personal belongings and offers financial protection if someone sues you for negligence. Depending on what your condo association’s master insurance policy includes, your individual HO-6 insurance policy may also cover your unit’s interior fixtures and appliances.”
What is Not Included in Condo or Co-Op Insurance?
When investing in condo or co-op insurance, it’s just as important to research what condo or co-op insurance does not cover. Usually, policies cover fire and smoke, explosions, wind and hail, theft, vandalism, lightning, and burst pipes. What’s not typically covered, however, are earthquakes, floods from outside sources (like heavy rainfall), intentional injuries to others, damage from pests, regular wear and tear, and damage from sewer back ups.
Condo or co-op insurance usually doesn’t cover exterior building damage, i.e. a storm destroyed roofing or siding. Damage to common areas (as well as injuries that occur in common areas), like the lobby and elevator, are also excluded. And, it’s also important to note that some insurers won’t cover certain dog breeds.
Experts in Condo or Co-Op Insurance in NYC
Gotham Brokerage Co. is the most trusted source for co-op and condo insurance in the New York City area and beyond. With more than 50 years of experience operating in the area, the professionals at Gotham know how to make the complicated maze of housing in New York City easy and convenient. Gotham is one of the few brokerage companies that can boast being a family run business with deep roots in New York City. What does this mean for customers searching for co-op and condo insurance? It means you can count on us to deliver you the best service, offer you the best insurance policies on the market, and be available to you 24/7.
As anyone living in New York City can tell you, it’s expensive. But insuring your most valuable and beloved possessions inside your condo or co-op doesn’t have to be. In fact, policies at Gotham start at about $1.50 per day, giving you the peace of mind that your possessions are covered in case of an emergency or unforeseen damage related event. And, you can rest assured Gotham has provided the very best coverage for your specific needs.
When you live in a place as vibrant and unpredictable as New York City, the one thing you want control over is security at home, and that’s where Gotham steps in. Our agents are long-tenured employees with more than 20 years of experience. Simply put: we know how to help with personalized service and customized insurance solutions.
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