Condo Insurance

Why do I need condo insurance if I live in a co-op?

You own a condo or live in a co-op and the association has insurance. So what’s the big deal? Well, your co-op/condominium association insurance covers the building, commonly owned property, and liability insurance for the corporation.

Unfortunately there are many cases where that insurance policy won’t cover you or your things — like a break in, water damage to your living room walls, or someone injuring themselves slipping on your wet kitchen floor. That’s why you need condominium insurance designed specifically for condo or co-op owners.

Condominium policies help protect your personal property and the interior of your unit. You will also have liability protection for bodily injury or property damage to others. It’s easy to get a quote for a condominium insurance policy that will provide these coverage’s.

Need help estimating the value of the contents in your condo or co-op? Try the easy-to-use Personal Property Calculator.

What does a condo insurance policy cover?

The articles of the co-op/condominium association and state law determine exactly what’s covered under the association’s master insurance policy.

In most cases the association’s coverage stops after the exterior walls meaning that you are responsible for the interior walls and possibly for fixtures, as well as your personal property and liability. This is where your own personal condo policy would come in.

Most policies will include coverage for losses arising from:

• Fire or Lightning
• Windstorm
• Smoke
• Vandalism or Malicious Mischief
• Theft
• Accidental Discharge of Water