Basic Both Condos and Coops are insured by the same policy. Each policy has two sections; Property and Liability. There is a standard policy format used by all companies in all states; however, there are options and variations between policies. We will work with you to assess policy and coverage options for a package specifically tailored to meet your needs

Property

The policy protects your home, your Personal Property, and expenses that might arise should there be a loss.

The method of ownership (condominium or cooperative) and your individual association by-laws govern what building items need to be covered. In both cases you insure wall coverings (paint, wallpaper, paneling, etc.), floor coverings (carpet, tile, parquet, etc.), all kitchen cabinets and fixtures, bathroom cabinets and fixtures, and (in the New York City metropolitan area) all windows. In addition, Condo unit owners are also responsible for the rebuilding of all interior non-load bearing walls as well as half-way into any wall adjacent to a common area or other unit. You do not insure for the Market Value (Selling Price) of your unit. The policy also covers assessments by your ownership association, if such assessment is as a result of a loss covered by your own insurance.

The policy will also protect your Personal Property. Traditionally this is on a Replacement Cost Basis. The standard policy will provide coverage for 16 different situations called Perils. The list of coverage is very broad, and includes: Fire, Theft, Vandalism, Windstorm, Riot and Civil Commotion, Explosions, and Falling Objects. There are limitations in the amount of coverage or policy terms on certain types of property. For example, the Replacement Cost protection may not apply to Antiques or Fine Arts. Also, most policies limit protection for Theft of Jewelry to US $2,000 or so. In both cases the best way to insure items subject to policy limitations is to list them on the policy, which will provide you with broader coverage at a more economical price.

Liability

You could be held financially responsible if something you do (or fail to do) results in Bodily Injury or Property Damage. The Liability section of the policy protects you and your family for such claims against you, and will defend you whether the claim is valid or not. The coverage is on a world-wide basis and covers non-work and non-automobile related situations. Various limits are available but it is recommended to select at least US $300,000 in protection (higher limits are available for a very nominal cost).

Medical Payments is also included and will cover medical bills of a guest should he/she be injured while on your property. Payment will be made even if you are not legally responsible for the guest's injury. Limits of up to US $5,000 are available.

Your Liability exposure can be further protected by a Personal Excess Umbrella Liability policy. The Personal Umbrella adds additional coverage, usually in multiples of US $1,000,000, to the Liability coverage of your Residential or Automobile policies.

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