Distinctive coverage for successful condo and co-op owners
You’ve worked hard to get where you are, building up a lifetime of accomplishments and property. Your condo or co-op isn’t just four walls and floor, but everything you’ve done to make it yours with upgrades and alterations such as custom cabinetry or a home theater system. Plus everything you’ve decorated with, including fine art and built-in appliances. In other words, a major investment deserving of protection.
You probably know that your condo association’s master policy won’t cover any of that. What may surprise you: neither will ordinary condo policies. At Co-Op Insurance, we partner with top-shelf insurance carriers such as the Chubb Insurance to ensure great coverage. In case of a loss, a Chubb condo policy will match what you have, feature by feature, no pushback, no hassle. And in New York City, that’s no small thing.
“Chubb looks for ways to say yes across every step of your experience.”
Let’s start with the coverage
Chubb Masterpiece® Condo and Cooperative (Co-op) policies offer what’s called all-risk coverage. That means fire, smoke, water, sewer backup, windstorm, burglary…pretty much anything that can happen. What if something happens outside that’s covered by your association policy, say, a storm rips the roof off? The association policy will take care of the roof, but not your exotic hardwood floors that were ruined by rain. Or a fire destroys the lobby but your condo suffered smoke damage? Chubb condo policy coverage goes where your association coverage usually doesn’t.
Their policies automatically include Additions & Alterations Coverage. That gives you coverage for improvements (like your bathroom renovation) for the amount it would cost to replace today, up to your policy limit. In some states, you can purchase Extended Replacement Cost coverage, which extends beyond your policy limit if necessary to rebuild or restore your home.
Lastly, for some losses covered by your condo association policy, you may still need to kick in for the deductible, which can be huge. Not with a Chubb condo policy. It includes generous coverage up to $50,000 for your share of a loss assessment. (might be a good place to define loss assessment).
How much coverage do you need?
You shouldn’t have to substitute inferior quality for your home’s distinctive features. Chubb risk specialists will visit and document architecture and special details like fine wall coverings, unique moldings and high-end, built-in appliances to help ensure the best protection. And you’ll have a detailed report of your home that can serve as an important record if you have a claim.
What about claims?
Here’s where the Chubb advantage really shines. They understand the toll a loss can take, not just on your property but on your life. A loss is emotional – you just want your life back. Chubb offers empathy along with speed, and an advocate to make things right.
Chubb NYC condo policies pay most covered claims within 48 hours of settlement. Remediation specialists are available 24/7, with expedited service for water and smoke. If your condo is uninhabitable after a covered loss, your policy covers costs for temporary living expenses – whether that’s a premium hotel or similar home, in your neighborhood and school district.
“97% of Chubb clients who had a claim paid were highly satisfied with the experience.”
Can they help me prevent a claim?
Of course! You’d think every insurer thinks this way, but not so. Chubb’s Risk Consultants work to reduce chances of a loss before it happens with careful planning for current and emerging risks. Using advanced technology scans, they can detect leaks, missing insulation, and faulty electrical connections before damage happens – all complimentary for Chubb clients. They can even identify safety measures within your home that could qualify you for premium credits.
Why is Chubb Condo Insurance a great choice?
In addition to lots of little extras, like coverage for replacing your locks if your keys are stolen, Chubb offers several complimentary services for their clients.
When you are a Chubb client, they look for ways to do more for you, giving you comprehensive protection to suit your unique needs, and preventing issues from happening in the first place.
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