When you own a condo or a co-op, you have both common and personal insurance needs, and your policy should be customized to meet them.
A condominium/co-op insurance policy is designed specifically to meet your unique homeowner needs, including coverage for your personal possessions, structural improvements made to your living space and additional living expenses incurred due to an accident.
When selecting condo/co-op coverage, it’s important to determine what is covered by your association’s master policy and what items are your responsibilities. Typically, your condo/co-op association carries an insurance policy for common areas, such as the lobby, walkways, boiler, basement, etc. Your EHD representative will assess your home’s value and needs and design a Condo policy that ensures it is adequately covered.
Additional Coverages to consider:
- Unit assessment coverage: This coverage reimburses you for the expense passed on to you by the association as long as the cause of loss was covered by the association’s policy.
- Sewer backup: This coverage insures your property for damage by the backup of sewers and drains (does not include flood protection).
- Flood or earthquake: These can strike anywhere, so it’s important to understand your risks and check into coverage options.
