You have both common and personal insurance needs if you own a condominium or co-op. You need the proper insurance coverage to meet your unique needs.

A condominium/co-op insurance policy is designed specifically to meet your unique homeowner needs. This includes coverage for your personal possessions, structural improvements made to your living space and additional living expenses incurred due to an accident.

It is important to determine what is covered by your association’s master policy and what items are your responsibility when selecting condo/co-op coverage. Typically, a condo/co-op association carries an insurance policy for common areas, such as the lobby, walkways, boiler, basement, etc.

Property Protection

A personal condominium/co-op policy will help protect you from losses to your personal property and the interior of your unit. To ensure you have adequate coverage, you will need to estimate the cost to repair or replace the inside of your home, if it were damaged. In addition, you need to estimate the cost to replace your home’s contents.

It is recommended that you insure your personal property for its replacement-cost value to help you replace yesterday’s purchases at today’s price tags.

Liability Protection

In addition to your belongings, the liability-to-others portion of your policy covers you against lawsuits for bodily injury or property damage that you or a family member—and some cases, pets—cause to other people. It pays for both the cost of litigation and any court awards, up to the limit of your policy, and covers you at home or away.

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 look at your coverage options.

Top Ways to Save On Your Premium

• Raise your deductible.
• Invest in a home security system.
• Update exterior locks to dead bolts.
• Install smoke alarms.
• Choose an automatic payment method.
• Monitor your credit rating.
• Look into multi-policy discounts.