Condo insurance can be tricky to navigate. the nature of insuring a box within a box can be difficult and legally fraught. Here are some things to check and keep in mind as you navigate the NY condo insurance world.
- Check your master policy: Obviously you don’t own the entire complex, but its important to know what you do own. You may own your unit, is it an “all four walls” type of policy? Also, how is the rest of the condo insured. The condo association ought to have some type of commercial coverage on the shared space. If your unit is covered merely “all four walls” then you may need more coverage. If you’re covered “all in” by your condo’s master plans, then you’re in less need of coverage.
- The association deductible: This is the deductible you will have to pay on your condo if there are damages. It is built into the condo’s master policy.
- Cash value or replacement coverage: There are two types of coverage for compensation. One being replacement in full and the other providing a cash value sum for your condo. Cash value leaves you with less overall coverage but lower premiums.
- What are you insuring: You want to insure both the contents of the home and the internal structure, such as the flooring and cabinets. Try to do both.
- Flood and Storm: These are two incidents not often covered by insurance. See if you need this type of coverage in your area.