If you own a condo in NY you may believe that the condo unit itself is already insured against fire, for example, by the condo association that owns the building.
That is not necessarily true.
Most insurance policies that cover the building only cover what is specifically outlined in the bylaws for the condo association. Most times it is very limited coverage.
In some cases, it is only to the unfinished sheet rock and the condo unit owner is responsible for wall paper or paint and all the interior features including carpeting, appliances and fixtures.
Other bylaws have read as originally constructed, so if you added wall paper or changed out fixtures in the kitchen and bath, maybe upgraded the built in dishwasher there may not be coverage.
Condo Unit owners can take out a condo owners insurance policy that can protect your contents of the unit, your furniture, clothing, appliances, etc. However the standard condo unit owners policy also has limited coverage for tenant betterment and improvements. Sometimes only $5000. This coverage can usually be increased by endorsement to the standard policy.
So what can you do? You should make an itemized list of what personal property you have in the unit. We have very helpful FREE inventory form available for immediate download on our website. Even if you are not our current customer the report is Free - No cost or obligation. Get your FREE HOME INVENTORY CHECKLIST NOW.
Don't forget to add what fixtures and updates you have supplied to the interior unit, check the bylaws to see what may already be covered and then tally up a number for personal property and a figure for betterment and improvements.
Lastly, Condo Unit Owners Policies are very inexpensive usually less than $200 a year even for a policy endorsed with higher coverage for betterments & improvements.
Feel free to browse our Condo Insurance page of our website or contact me for a free no obligation quote.
- If you are a Condo Association we can help you be sure your insurance matches up with your bylaws and get you the building coverage you need at the lowest price available.
- It is important for your protection to have your condominium insurance in place before any claims are made--not just from you but also from anyone else on the condominium property.