NYC Condo, Co-op Building Insurance Policies Aren’t Enough

New York Owners Need Insurance Coverage for Their Units, Too

Home ownership is different in New York City. If you own, chances are you live in a condo or co-op apartment, and getting insurance coverage right is a little trickier than if you’d just bought that little dream house upstate.

Condo and co-op owners need coverage under two policies: the master policy of the condo or co-op association and its board and their own policy. The master policy covers the building and public areas. Your own policy covers your personal items and protects you from liability if someone is hurt in your home.

Chelsea apartment building, Manhattan

Chelsea apartment building, Manhattan

Chelsea apartment building, Manhattan

Just as you shouldn’t assume your landlord’s insurance will cover your personal items if you rent, don’t be fooled into thinking your condo or co-op building’s insurance will protect your stuff if it is stolen, damaged or destroyed.

With insurance, you can’t have too much information. When you buy, find out from your condo association or co-op board exactly what kind of master policy it has and what it covers. Usually, a building policy will cover physical damage and liability for the building and its common areas, including hallways, foyers and elevators.

But ask: Are you covered in the event of fire? Flood? Sewer backup? Wind damage? Are you responsible for standard fixtures, like the faucets in the sink and bathtub?

A standard condo policy, called an HO-6, should provide coverage for damage from fire, wind, explosions, riots, vehicles, smoke, vandalism, theft, falling objects and ice, snow or sleet. Make sure you’re covered if the plumbing or wiring goes bad, and make certain you have liability coverage against someone getting hurt in your place. Don’t laugh; it happens. People trip and slip, even if it’s not during a New Year’s Eve bash or an unplanned after-party party.

Fill out our quote request form or give us a call at the number above to learn more about how we can help you find the right condo or co-op policy for you.

Barry Frost, Vice President, Gotham Brokerage Co., Inc

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