What type of insurance do I need for a condominium?
There are certain requirements by the bank, if you have purchased a condo or co-op, You may need more insurance to cover personal items, liability or fees that may be your responsibility regarding shared areas of the building like the lobby.
You will need two separate policies to protect your investment:
- Your own insurance policy.
This provides coverage for your personal possessions, structural improvements to your apartment and additional living expenses if you are the victim of fire, theft or other disaster listed in your policy. You also get liability protection.
- A “master policy” provided by the condo/co-op board.
This covers the common areas you share with others in your building like the roof, basement, elevator, boiler and walkways for both liability and physical damage.
There is important information, you will need to review and you can do this by reading your associations by-laws and/or proprietary lease. If you have questions, talk to your condo association, contact us or family attorney.