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 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.
Additions and alterations
Loss of use
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?