What You Need to Know about Insuring a Condo or Co-op

If you own a condo or a co-op, you know that insuring such a property is different from insuring a single family home. After all, you may not have a yard or a garage. In addition, some major features of the dwelling, such as the roof and the furnace, are usually shared by more than one homeowner.

What you need to know about condo insurance

Most condo and co-op owners need two types of insurance policies on their home. One is provided by the condo or co-op association and includes damage to the shared portions of the building (such as the roof or the parking lot) as well as liability on those shared areas. A portion of your monthly HOA fee goes to pay for that policy.

The second type of policy provides coverage on your personal space and belongings. This policy covers your individual condo or apartment in the event of fire, theft or other disaster. Such policies also provide liability coverage if someone is injured in your personal unit.

For more information about insuring a co-op or condo please Contact North American Advantage Insurance Services. We are licensed in 22 states plus the District of Columbia.