Insurance Insights: Condo and Co-Op Insurance
Because monthly condo fees typically only fund a building insurance policy, owners of condominiums and co-ops should review their association’s master policy to see what it covers. While master policies usually only cover common areas, an individual’s own insurance policy provides coverage for his or her personal possessions, structural improvements, and additional living expenses should he or she fall victim to fire, theft, or other disaster listed in the policy. Liability protection is also provided. Thus, to adequately insure a unit, it is important to know which structural parts of a condo/co-op are covered by the condo/co-op association and which are not. That way, an individual’s condo/co-op policy can dovetail with the association’s policy to provide complete coverage.
Make sure you are covered no matter what perils your home and family may face with comprehensive home insurance and unmatched customer service from the John M. Glover Agency. For more information, please give us a call. We are experienced in insuring condos and various other rental properties, and we encourage all of our clients to take advantage of our free quotes. You can trust our experienced, professional agents to answer all of your questions and to work with you every step of the way.
Quick Tip: A personal home insurance policy for a condo is called an “HO-6.”