Caught somewhere between a house and an apartment, condominiums provide an interesting challenge for insurance providers. Because condo owners share insurance responsibilities with their condominium association, it can be difficult to determine exactly what falls under the individual’s coverage jurisdiction. Generally, your condo association (or other administrative groups) holds a “master policy.” While each master policy is unique, this type of policy usually provides coverages for the structures and common areas owned by the association. For instance, things like your roof, exterior walls, stairways, recreation rooms, elevators, and the condominium grounds are normally covered by your condo association.
This leaves you personally responsible for insuring the other aspects of your condo. For instance, you are responsible for protecting your belongings, your personal liability, and everything within the walls of your unit. Similar to renters insurance, HO6 policy offers coverage for stolen or damaged personal property and for your personal liability risks in New York. Additionally, your condo insurance policy will offer protection for features such as your interior walls, flooring, countertops, fixtures, appliances, and so on.
It’s important to keep in mind that every condominium community has its own unique coverage protocols. For instance, one condo association might require the condo owner to cover everything within their unit’s walls while another might only require the unit owner to cover the upgrades they have made to the original features. Ultimately, the specifics of what you need to get insurance for should be laid out in your condo’s association agreement. To ensure that you are receiving the right condo insurance in NY, you should work with an experienced agent to determine your individual insurance needs.
Looking for assistance with your condo insurance? Then don’t hesitate to turn to the experts at Premier Risk, LLC in Long Island, NY. Our dedicated team is ready to find the perfect coverage solution to meet your needs. Contact us to get started today.