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New York Coop & Condominium Insurance Information & Quotes
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  • Replacement Cost available
  • 12 months Additional living expenses
  • up to $1,000,000 liability available
  • on premises theft included
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    Coop & Condo insurance quotes by phone - 212.799.7500
    Our office is located at: 2112 Broadway, New York NY 11106
    Office hours: Mon - Fri 9 to 6 and Sat 11 to 3 - ONLINE 24x7
    We can help you find the right policy
    to protect you and your home.

    The standard New York coop & condo policy includes four essential types of Insurance coverage.

    1. Insurance for your personal belongings.
    2. Insurance for the structure of your apartment.
    3. Liability insurance.
    4. Additional living expenses in the event you're temporarily unable to live in your home due to fire or other insured loss.
    insurance for your furniture1. Insurance for your personal belongings.
    Your wardrobe, furniture, sports equipment, computer, and other personal items are covered if they are destroyed by fire, stolen, or damaged by other insured hazards. Generally, you specify a limit of insurance. The best way to determine the limit of insurance is to conduct a home inventory. As an option you can purchase off-premises coverage which covers your belongings anywhere in the world.

    Expensive items including jewelry, furs and silverware are covered, but there are usually dollar sub limits if they are stolen. Generally, you are covered for between $1,000 to $2,000 for all of your jewelry and furs. To insure these and other expensive items to their full value purchase a scheduled personal property endorsement and insure each item for its appraised value, or increase the sub limits .

    2. Insurance for the structure of your apartment.
    To adequately insure your apartment, it is important to know which structural parts of your home are covered by the condo/coop association "master insurance policy". You can do this by reading your association’s bylaws and/or proprietary lease.

    Sometimes the association is responsible for insuring the individual condo or coop units as they were originally built, including standard fixtures. In this case, the individual owner is responsible for alterations to the original structure of the apartment. Examples include upgraded kitchen or bathrooms, or any other permanently installed improvements made at your expense. Sometimes this can include improvements made by previous owners.

    In other situations, the condo/coop association is responsible only for insuring the bare walls, floor and ceiling. The owner must insure kitchen cabinets, built-in appliances, plumbing, wiring, bathroom fixtures etc.

    A "master insurance policy" provided by the condo/coop association usually covers the common areas you share with others in your building like the roof, basement, elevator, boiler and walkways for both liability and physical damage.

    liability insurance3. Liability insurance.
    Liability insurance covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. The liability portion of your policy pays for both the cost of defending you in court and any court awards up to the limit of your policy. It does not provide liability protection for lawsuits arising from the use of motor vehicles, business related lawsuits and certain other types of losses.

    Liability limits generally start at about $100,000. Experts recommend that you purchase at least $500,000 worth of protection. Some people feel more comfortable with even more coverage.

    Your policy also provides med-pay medical coverage. In the event a friend or neighbor is injured in your home, they can submit medical bills to your insurance company without a liability claim being filed against you. You can generally purchase $1,000 to $10,000 worth of this coverage. It does not pay the medical bills for your family or your pet.

    4. Additional living expense or loss-of-use
    This pays the additional costs of living away from home if you can't live there due to damage from a fire, storm or other insured loss. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company. Many policies provide coverage for a specified dollar amount while others provide an unlimited amount of loss-of-use coverage, but for a limited amount of time.
    There are generally two ways claims are paid
    • Replacement/Reimbursement Cost – pays the actual cost of replacing your home
      or possessions (no deduction for depreciation) up to the limit of your policy
    • Actual Cash Value – pays to replace your home or possessions minus a
      deduction for depreciation up to the limit of your policy.
    These are the main perils or disasters you're protected against.
    • Fire
    • Smoke
    • Lightning
    • Theft
    • Malicious Mischief
    • Wind & Hail
    • Explosion
    • Falling Objects
    • Vandalism / Riot
    • Freezing of plumbing or heating systems
    • Water damage from rupture of water or steam heating systems
    Coop or condo quotes today -> select the property type   PRESS ->  
    Coop & Condo insurance quotes by phone - 212.799.7500
    Our office is located at: 2112 Broadway, New York NY 11106
    Office hours: Mon - Fri 9 to 6 and Sat 11 to 3 - ONLINE 24x7
    Let us help you find the right policy to protect you and your home.
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