NY Condo Insurance
As a NY condominium owner, you have many benefits but you are also exposed to unique risks. Unlike a single-family homeowner, you have a number of policies in force between your personal insurance and the community insurance. You need to make sure that this insurance overlaps so as not to let risk seep through the seams.
Because there are various policies in place, you need to make sure that you don't overpay for unneeded insurance--already covered by the master insurance plan--and that you have extra liability insurance where the master insurance stops.
Your condo is in a communal setting but your condo insurance needs to be individual or your may be paying too much and you probably have great liability risk.
Worried about costs. Don't be--NY condo insurance can be very affordable.
NY Condo insurance is like a suit that needs to be individually tailored: if it's too big then you overpay for what you don't need and if it's too small then you may expose yourself to lawsuits.We have offices in Madison, Norwich and Oneida NY.We know the area and we have the protection you need.
NY Condo insurance is available at reasonable rates to anyone who owns property in a development with joint property ownership. It is distinct from homeowner insurance because it works in conjunction with your association's insurance policy.
I don't own the building isn't the unit covered?
If you own a condo in NY you may believe that the condo unit itself is already insured against fire, for example among other things, 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 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.
Here are two reasons to act now!
- 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.
- We can provide you with a no-risk quote within a day. Just fill out this short form to get an inexpensive policy that will protect you and your home.