Insuring condominiums and cooperatives can be a complicated matter. It is critical that your insurance professional takes the time to understand how your unit should be insured.
Unit Coverage
The master deed and by-laws determine what part of your unit needs to be insured by you and what part is covered under the Master Policy. Our experienced staff can help you get the right amount of coverage for permanent “additions and alterations” and avoid costly surprises at the time of a loss.
Loss Assessment
There are times when the association insurance policy is not sufficient to cover the total damage to the building or a lawsuit against the association. In that case, each of the unit owners will be assessed to cover the difference. Loss assessment coverage pays for the unit owner’s share in the event of a covered loss.
Personal Property Coverage
Replacement Cost Coverage ensures that your personal property will be replaced after a covered loss, without deductions for depreciation. Open perils, or "all risks", coverage insures your belongings for a wider array of perils than most standard policies allow, including breakage and mysterious disappearance. Expensive items, such as jewelry or fine art, may be covered separately.
Personal Liability Coverage
Lawsuits affecting condo owners are common and costly. Whether you accidentally cause water damage to a neighbor’s unit or someone slips and falls in your condo, you could be faced with a lawsuit. Comprehensive Personal Liability protects you and your family if you are legally liable for damages to others, both on and off premises.
Your home is distinctive and your condominium or cooperative insurance should be tailored to your needs. Your insurance program can be designed to include features such as water/sump backup, identity theft coverage, cash-out loss settlement provisions, liability for other locations, incidental business coverages, and many others.