Condo & Co-Operative Insurance
The difference between insuring a condo, co-op or house comes down to the portions of the home you own. For example, in a house you own everything, including the walls, structures, and land underneath the home. When you own a condo or own shares in a coop, you are only responsible for the space within your walls. The Common Areas, consisting of hallways, stairwells, lobbies and building amenities, are typically covered by a collective homeowners association insurance policy.
Coverage For Your Unit
- Covers replacement cost or actual value of the condo/coop unit
- A standard policy will not typically pay for damages caused by floods or earthquakes.
Coverage for your Personal Belongings
- Provides coverage for furniture, clothing, and other personal items in the event they are stolen, destroyed by, e.g. fire or other natural disaster.
- An appraisal is an important prerequisite to adequate insurance coverage of high value personal items, such as jewelry, arts,h furs, collectibles and silverware.
- Liability Protection provides you with coverage in the event a lawsuit for bodily injury or property damage is filed against your your family members.
- It may also provide no-fault medical coverage in the event a friend or neighbor is injured in your home.
Additional Living Expenses
- Provides compensation for costs of living away from home if you can't live there due to a covered natural disaster.
- This typically includes hotel bills, restaurant meals and other costs incurred while your home is being rebuilt.
- If you rent a part of your home, you are also covered for the rent you would have collected from your tenant had your home not been destroyed.