Purchasing a NYC co-op allows you to own your own personal slice of The Big Apple. Before you dive right in, though, it’s a good idea to put careful consideration into protecting that investment by purchasing the right kind of NYC co-op insurance coverage to meet your needs.
It’s true that New York City real estate isn’t cheap at all, but insuring your property doesn’t have to be a spectacularly costly endeavor. There are many types of policies available for home and NYC co-op owners to consider, including some that cost as little as a dollar per day or less.
The right policy for you depends on many mitigating factors. That’s why it’s important to work with a respected independent insurance agency that can help you get not only the right type of insurance protection for your NYC co-op, but also the right amount of coverage to allow you to make the necessary repairs and replacements in the aftermath of a covered event.
Most co-op associations or corporations have insurance, so why do you need insurance coverage for your co-op?
It is true that the co-op association does have insurance. That policy is to protect their interests, though, and not your own. It’s also limited in what it covers.
For instance, the association coverage is generally limited to general liability coverage for open spaces within the building and only structural damage done to individual co-ops.
What this means is that if someone trips over your coffee table and breaks an ankle, you’re on the hook for that liability and not the co-op association. It also means that if a fire destroys your co-op, or even part of it, the co-op insurance will replace the structure of the co-op, but that does not include things like:
- Lighting fixtures
- Personal Possessions
And if your co-op is the point of origin for a fire that spreads to other units in the building, you’re the one legally responsible for the damage not only to your unit, but also all others that were damaged as a result of the fire or the fire suppression techniques used, as well as any damage to public areas.
Additionally, some NYC co-ops require buyers to purchase a specific minimum amount of liability insurance. The amount varies from building to building and some have no minimum requirement at all, though it’s always wise to purchase this important coverage.
Many mortgage lenders will also require a minimum amount of insurance coverage before providing a loan for co-op buyers. Again, this is to protect their investment and is rarely sufficient to meet your needs should a covered event occur.
Why should you buy co-op insurance?
In addition to the basics that insurance provides coverage for, a good co-op insurance policy will offer some degree of coverage for the loss of use of your co-op if a covered incident occurs that renders the NYC co-op uninhabitable. What this means is that while repairs are being made, policyholders will receive reimbursement (within policy limits) for temporary housing expenses.
Another important reason is that building codes and requirements are constantly changing in New York City. If an incident occurs and repairs are required, there are often added expenses involved in updating the unit to current code requirements. This can be costly and requires specific insurance coverage above and beyond general co-op insurance – but is a good idea for all NYC co-op owners.
Don’t forget the value of peace of mind that goes along with knowing that your investment has adequate protection from many common perils that could easily spell disaster for NYC co-op owners otherwise.
What are covered perils?
Most insurance policies only offer coverage for specific named perils. General insurance policies include things like:
- Storm Damage
Why Trust CoopInsurance.com for your NYC co-op insurance?
It’s true that there are plenty of business vying for your insurance patronage. We offer personal service on a level other agencies simply can’t compete with. Because we with only reputable and financial strong insurance carriers, we ensure we provide you with the best NYC Co-op insurance coverage for the best price.
Our philosophy involves walking you through the entire buying process to make sure you have the right coverage for your NYC co-op and your personal and practical insurance coverage needs. We also offer a wide range of insurance options that are suitable for all co-op owners with very tight budgets as well as those who have considerably larger budgets to work with.
CoopInsurance.com has been serving the needs of NYC residents since 1902. And we’re excited to see how we can serve this great city for the next hundred years — starting with you and helping you get the right NYC co-op insurance coverage.
Click Here to start a complimentary NYC Co-Op insurance quote, and a qualified agent at CoopInsurance.com will get in touch with you shortly after.