While exciting to purchase a condo or a co-op, there are also practical matters that must be taken care of, such as getting insurance for your new home. Make note of the following important things to know when it come to insuring your home.
You will need two types of insurance policies. First, you will need to purchase a personal policy that will cover your personal items and cover additional expenses if there is a fire, etc. This includes liability. You will also need to make sure that a “Master Policy” is provided by the co-op or condo board. This policy covers shared areas, such as the roof, elevator, and walkways, both property damage and liability. A master policy can only be purchased by a co-op and/or condo board. Master policies are sometimes required for mortgage purposes, but not always necessary.
Make sure you know which structural parts are covered by co-op/condo policy and which parts of your home are not covered.
Also, ask your insurance agent about additional coverage, such as umbrella liability, flood and/or earthquake policies, and additional coverage for expensive jewelry, furs, and collectibles.
Go with an insurance agent that specializes in policies for condos and co-ops.
If you have any questions about insuring your condo or co-op or have any questions, don’t hesitate to contact us at Durkin Agency, Inc.