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Co-Op and Condo Insurance Considerations

Co-Op and Condo Insurance Considerations

Do you consider your condo or your co-op a home? A lot of people do not, therefore they do not care to get homeowner’s insurance. Well, we are here to tell you that if you own a condo or co-op, and that is your place of residence, then it can also be considered your home. If this is your home then you will require coverage. Let’s take some time and talk about co-op and condo insurance, because it might vary a little bit, and you will need to know how. Make sure that your money is handled properly and that you are able to achieve your financial goals. Your still have possessions and they will still need to be protected.

Know What is Covered By the Association

The best place to start is by knowing what you can already take advantage of. The condo or co-op association will have some sort of plan that they will give you protection with. Reading over this policy will help you understand what they will cover and what you need to take care of yourself. A lot of times the co-op or condo policy will just cover the exterior of the building, which will then leave the interior and all your possessions up to your policy. You also need to know whether or not any changes you make will affect what they cover. Sometimes the policy will only cover the condo or co-op in its original form.

What You Need to Get

If you can then assume that common areas like the roof, basement, elevators, walkways, garden areas, pool areas, and boiler rooms will all be covered by your co-op or condo policy, you should not touch those areas when it comes to home insurance of your own. You should make sure your policy now focuses on your possession, any improvement you decide to make, other living arrangements in case of theft or fire. You will also need to make sure you have liability coverage. Adding on anything that you already have -thanks to the common policy- will just be a waste of your money because you might never get a chance to use it. If you are unsure of whether a certain factor is covered, you are once again encouraged to go read-through the master plan.

Treat This Carefully

Do not just throw a lot of insurance into your co-op or condo and hope that something will stick and protect you. You need to make sure that you combine both your plan and the master plan in order to create a sound policy. Also, remember that flood and earthquake insurance do not come standard. If you live in an area that could be affected by this, you will need to contract them separately. If you live in a co-op or a condo, you definitely need to treat it like a home and get the proper coverage.

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