Many condos and co-op unit owners mistakenly assume that their building’s master insurance policy covers them fully — and that can lead to big problems. In addition to securing your own insurance coverage, you need to be aware of any changes to your association’s master policy, so you can avoid coverage gaps.
Also, if you or the prior owner of your condo or co-op installed permanent upgrades, such as wall coverings or cabinetry, or renovated the kitchen or bathroom, you may no longer be covered by your association’s insurance policy..
When buying into a newly constructed building, you need to consult with the contractor about potential renovation costs. Then, speak to your broker before any work begins. It’s always best to identify any issues that could make it difficult for you to get the insurance coverage you need before it’s too late.
It’s also vitally important to keep your condo insurance and co-op insurance policies up to date. When you acquire new possessions or your personal circumstances change, make sure to update your coverage.
Tailored condo insurance and co-op insurance solutions can include: