Condominium Insurance

Post date: Aug 4, 2011 2:32:53 PM

To make sure that your condo or co-op is properly insured in NY begins with an in depth reading of your condo or co-op paperwork (ex: by-laws, provisions, regulations, etc.) It might help to have your agent look at the documents, paying close focus on things such as:

    • What property is your obligation to insure - the interior walls, appliances, your unattached garage or storage area, attic?

    • Does the condo association insure common property at its replacement value?

    • Just what is the possibility of loss assessments?

    • Exactly what is the association's deductible?

    • Will you be required to add any extra coverage's or limits?

Condominium and or co-op policies generally protect the following:

Real Property: insurance protection for the structural portion of the condo or co-op you personally own like inside walls, home appliances and devices, fixtures, interior plumbing, duct-work, electrical wiring, floor covering, and maybe detached garages, or permanent upgrades or betterment's you will be making to the residence.

Personal Property: belongings which can be portable like clothing, furniture, jewelry, books, art, home electronics, computers, and more.

Additional Living Expense: addresses the extra cost of short-term housing, food as well as other higher expenditures if you end up forced out of your condo or co-op by a fire or some other covered loss.

Loss Assessment: required contributions that members allow for the restoration or replacing of property which happens to be owned in common.

Liability Insurance: covers you for your negligence in injuring others or property on your premises for which the condo association may not be responsible, or through activities in connection with your hobbies. The insurance policy also offers defense coverage, such as using the services of and paying for an attorney if needed and possibly paying court costs.

Medical Payments: coverage is designed for minor injuries to individuals other than residents of the household and the payment doesn't require a lawsuit.

for more answers about whether you have proper NY condominium insurance Get in touch with a NY insurance broker or agent!