CONDOMINIUM / CO-OP
INSURANCE
WHAT IS
CONDOMINIUM /
CO-OP
INSURANCE
If you are thinking about, recently purchased, or own a condominium or co-op, understanding what type of insurance you need is crucial. There are 2 necessary policies you must have to fully ensure both co-ops and condos.
Find The Best Condo/Co-Op Insurance With Carriage Trade
The Master Policy
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The first policy required of you is a master policy, which protects the entire apartment structure. The building management is responsible for this policy, and you pay the premiums in either your maintenance fee or association dues.
The master policy is there to cover the common areas of the co-op or condo, such as the roof, basement, elevator, boiler and walkways for both liability and physical damage. Other specifics like what happens in the case you want to remodel may change based on your building.
Your individual co-op or condo insurance policy
You will likely need to have an insurance plan on top of the master policy to ensure your ability to repair your apartment protects the unit's value.
An individual policy provides coverage for your possessions and any elements not covered by the master policy. This policy is similar to a standard home policy.
These policies make sure you are covered for damages to your interior walls, certain fixtures, personal property, and liability exposures. The specific needs of each person is different when it comes to being properly insured. However, the experts at Carriage Trade Insurance make finding the right insurance easy.
The best way to determine the cost of your insurance is to talk to the trusted experts at Carriage Trade Insurance. We will help ensure your business has the proper coverage and shop around to find you the best deals so you can save on your insurance.
How Can We Help
With years of experience working in this industry, we understand the unique needs of condo/co-op insurance. Therefore, we never apply a one size fits all mentality and instead work with the client to find the coverage they need. This ensures you stay protected while helping you save on your insurance.
Find the best insurance for your condo/co-op today. Get a quote with Carriage Trade Insurance now.
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Call our office at 516.358.5600 or contact us online and an insurance professional will get back to you promptly.