Contents coverage is basic. A limit is selected $75,000 for example, based on the value of your contents to replace your things for damages arising from perils named in your policy such as fire, water damage, theft, explosion, and more. There is a deductible usually $500 or a $1000. In a superior policy coverage is provided in a way that allows you to replace your lost property with new items, without depreciation. (Note: Most policies provide depreciated value or almost nothing for most clothing and furniture unless those items are quite new). “Replacement Cost Coverage; i.e., new for old” is preferred.
There are specific limits on the theft of certain types of property such as jewelry, money and securities, watercraft, etc. It may be preferable to schedule specifically your valuables and collectables. There is a credit card coverage up to $10,000 is available.

Additions and Alterations coverage protects any additions, alterations, and improvements you make to your unit, for up to 10% of your contents limit. This coverage can be increased.  Some additions and alterations would be anything that would not be removed from your Condominium such as dry-wall, cabinets, tile fixtures and paint.

Unit assessment coverage pays up to $50,000 for your share of an assessment charged against all unit owners as a result of a covered loss.

Loss of Use is an extra expense you incur while staying at a temporary location if your condo becomes uninhabitable. While most policies allow a limited dollar amount for this coverage, some programs are UNLIMITED.

Personal Liability coverage insures you for claims involving damages for which you are held liable. Our program starts with $500,000 limit. Higher limits are available and highly recommended due to the great number of lawsuits and large settlements common today. Limits can often be increased to $5 million.

Water back-up. This insures your property for damage by the back-up of sewers or drains. Water back-up may not always be included in a policy. Check to see that it is included.

Umbrella liability. ?This is an inexpensive way to get more liability protection and broader coverage than is included in a standard condo/co-op policy.

Flood or earthquake. If you live in an area prone to these disasters, you will need to purchase seperate flood and earthquake policies. Flood insurance is available through FEMA’s Nationa

Condo Insurance is one of the most under insured lines in the insurance industry.  Condo Association policies only cover the building up to the drywall.  That means in the event of a total loss, the association insurance would only rebuild the building up to the drywall.  Your personal Condominium Insurance policy would provide for the replacement of everything else, paint, cabinets, flooring, countertops, lighting fixtures, furniture, etc…..

A “master policy” provided by the condo/co-op board. This 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.

To adequately insure your apartment, it is important to know what structural parts of your home are covered by the condo/co-op association and what are not. You can do this by reading your association’s bylaws and/or proprietary lease. If you have questions, talk to your condo association, contact us or family attorney.

Sometimes the association is responsible for insuring the individual condo or co-op units, as they were originally built, including standard fixtures. The individual owner, in this case, is only responsible for alterations to the original structure of the apartment, like remodeling the kitchen or bathtub. Sometimes this includes not only improvements you make, but those made by previous owners.

In other situations, the condo/co-op 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.

Contact us today and let us help decide how much coverage you need.