Condos, Co-Op & Renters

Protecting your belongings and your assets are simple if you choose the correct insurance coverage. If you own a condo, you will need insurance to cover your possessions and your personal liability. The master plan for the condo will cover the building. If you have purchased a share in a co-op, you will also need insurance coverage for your belongings and the building will have a separate policy shared by all of the co-op owners. Renters insurance is for families who live in an apartment building or rent a home. You will need coverage for all your possessions and personal liability in case someone is injured at your home.

Insurance is important to make sure you can replace your belongings in the event of a disaster. For example, if your condo, co-op, or apartment unit has a fire in the kitchen, you may need to replace appliances, electronics, and other household goods. Your renters’ insurance policy may also provide money to pay for another place to live while your unit is being repaired.

Condo, co-op, and renters insurance allows you to replace items that you need for everyday living. If you have a replacement plan, once you have placed a claim, the insurance company will cut you a check and you can begin replacing your household goods. A replacement plan will take into account the value of the items that were lost or ruined and your payment will be based on what it will cost to replace the items.

There are two main types of coverage your insurance policy will cover. The first is coverage for your possessions, and the second covers your personal liability. If someone is injured while visiting your home, you might need the liability coverage. Also, if there is a fire in your unit and it damages other units in the building, your personal liability plan would be there to help.

The major benefits of condo, co-op, and renters insurance is to get your home back to normal as quickly as possible. If you have a fire, or if your home is broken into, you need to be able to replace items and move on with your busy life.