Many condo and co-op unit owners mistakenly assume that their building's master insurance policy provides full coverage, which can lead to significant issues. To avoid coverage gaps, it's crucial to secure your own insurance and stay informed about any changes to your association's master policy.

Moreover, if you or the previous owner made permanent upgrades or renovations to your unit, such as wall coverings, cabinetry, or changes to the kitchen or bathroom, you may no longer be covered by the association's insurance.

 

When purchasing a unit in a newly constructed building, consult with the contractor about potential renovation costs and discuss this with your broker before commencing any work to identify any issues that could hinder getting the necessary insurance coverage.

 

Our expert condo and co-op insurance advisors can provide tailored solutions, including:

 

• Loss assessment coverage.

• Personal property coverage.

• Protection for valuable articles like jewelry and art.

• Liability coverage for incidents such as water damage to a neighbor's unit or slip and fall accidents.

• Comprehensive personal liability coverage to safeguard against lawsuits.

 

Additionally, it's crucial to keep your condo and co-op insurance policies up to date by informing your insurance provider about any changes in possessions or personal circumstances to ensure adequate coverage. Don't let property improvements become a liability; get the right coverage and avoid costly surprises during times of loss.