Co-op & Condominium Insurance
Condo Insurance: What You Need to Know
Two Essential Condo Insurance Policies
Your Own Insurance Policy:
Coverage for personal belongings
Structural improvements to your unit
Additional living expenses if a covered disaster occurs
Liability protection
The Master Policy (Provided by the Condo/Co-op Board):
Roof, basement, and elevators
Boiler and walkways
Liability and physical damage protection for shared spaces
Understanding Structural Coverage
It's important to know which parts of your unit are covered by the condo association and which are your responsibility. Coverage may vary, so check your:
Condo bylaws and proprietary lease
Condo association’s policy
Insurance professional or attorney for clarification
Your Responsibilities May Include:
Remodeling or alterations (kitchen, bathtub, etc.)
Improvements made by previous owners
Built-in appliances, plumbing, wiring, bathroom fixtures
Additional Condo Coverages to Consider
Unit Assessment Coverage: Reimburses your share of costs if the condo association charges unit owners for damage repair.
Water Back-Up Coverage: Protects against damage from sewer or drain backups.
Umbrella Liability Insurance: Provides additional liability protection beyond your standard condo policy.
Flood & Earthquake Insurance: Required in disaster-prone areas, available through FEMA and private insurers.
Floater or Endorsement for Valuables: Extra coverage for expensive jewelry, furs, or collectibles.