To get a clear picture of the insurance coverage you need for a condominium, you need to think a little. Your condominium corporation is already insured, but what exactly does it cover, and what additional insurance is really needed?
Insurance Coverage for Condominium Corporations
Of course, insurance plans vary from association to association. You need to find out what your association’s insurance plan is and exactly what is covered. Almost all condominium association policies cover the building, including the roof, walls, floors, and elevators, as well as common facilities that are not part of the unit (e.g., pools, common buildings).
In addition, the association’s insurance plan includes liability insurance to protect against legal action if someone is injured on the condominium premises. There are also group insurance policies that cover items inside the apartment, such as cabinets and carpets.
What is not covered by condo insurance?
- Personal belongings such as appliances, furniture, clothing, kitchen utensils, and electronics.
- Insurance in case someone is injured in the condominium and sues you.
- Property damage of any kind that occurs in the condominium.
- The cost of any improvements, additions, or alterations you make to the condo.
If you want to insure them, you need condo insurance.
Where can I get cheap insurance and from which provider?
The easiest way to get cheap condo insurance from a leading provider is to use an insurance comparison website. On these sites, you fill out a basic questionnaire that contains information about your home, the amount of insurance you want, the amount of the deductible, and any discounts.
Once you have filled out the questionnaire, several good companies will make you an offer. All you have to do is evaluate the offers and choose the company with the best price.
It’s Best to Get a Package Policy That Fits Your Needs – Here’s Why.
New Yorkers are back in town and the city is opening up more and more – it’s time to look for home insurance that fits your needs. Here are some things to consider.
1. Know your limits
Filling out paperwork with banks, co-ops and condos can be a complicated maze. However, our company deals with each of them and can explain to them what the maximum amounts required to meet their insurance needs are.
2. Moving Targets
One thing that can be confusing and embarrassing is the closing date, which is inevitably delayed or deferred when purchasing a business or condominium. We are flexible to accommodate date changes and your insurance needs.
3. elbow room
After spending a year in a small room, many families make moves to expand the space and have more room. We can advise you on the impact of renovations on insurance coverage and how to document costs.
Start by studying your condominium corporation’s bylaws to understand exactly what is covered. If you have any questions, contact the association.
Once you’ve determined what’s included in the association’s insurance, you’ll then need to insure what isn’t – your own dishes, appliances, furniture, clothing, jewelry, etc. You may also need interior damage insurance, private liability insurance, and insurance for any alterations you’ve made to your home.
Lily Poole is a Property and Home Insurance officer by profession. Moreover, she is pretty well experienced in the condo insurance nyc and accounting field and has an impressive profile in the training and development industry.