You love the granite countertops and custom cabinets. Did you know they aren't covered by the building's insurance policy?

Individuals, Families And Family Offices

Co-op/Condo Insurance

Co-op and condo owners must deal with specific issues and risks not found in single-family homes. Where does the unit owner’s responsibility begin? What does personal liability protect?
It’s critical to work with an agency that understands the intricacies of co-op and condo insurance.
  • Personal property
  • Umbrella liability
  • Additions and alterations
  • Loss assessment
  • Personal liability
  • Loss of use
  • Mold coverage
  • Cyber Liability

Co-op / Condo insurance QUESTIONS TO ASK

  • As a condo or co-op owner, which parts of my apartment am I responsible for insuring, and for which parts is the building responsible?
  • If I hire a contractor to do work in my apartment, what insurance do I need to make sure they have? What paperwork, if any, do I have to request?
  • Is my jewelry covered while I’m traveling? What if I lose a piece of jewelry, rather than it being stolen?
  • What is flood insurance, and how does a flood claim differ from a “water damage” claim?
  • If somebody tricks me into wiring money into a fraudulent account, am I covered by my co-op / condo insurance?
  • If one of my pieces of art is damaged, will my policy cover not only the cost to repair it, but also the loss of value as a result of it?
  • Do all insurance policies require that I rebuild my apartment in order to receive “replacement cost coverage?”
  • Does my artwork or jewelry have to be specifically listed, or can it simply be covered on “blanket” basis? What are the advantages and disadvantages of each option?
  • If I renovate my apartment, do I need to make any changes to my insurance coverage?
  • Do I need to have any specific insurance if hiring a nanny? What if we have someone come only once or twice a week? Does it matter if we pay her “off the books”? What if she’s undocumented? Do any of these factors change what are insurance needs are?