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Co-op Homeowners Insurance?

Started by unnamed
over 18 years ago
Posts: 48
Member since: May 2007
Discussion about
Perhaps a silly question...understand that co-ops themselves keep insurance for the building...what do people generally do about their unit in a co-op for the things that the policy doesn't cover? Ie, flood in apartment above, fire that damages your unit? Do people generally have some form of homeowners insurance also? Thanks.
Response by flatdweller
over 18 years ago
Posts: 53
Member since: Jul 2007

Generally the co-op will require you to have liability insurance in a specified amount to cover personal injury and property damage. (Damage caused to your apt. by the flood in the apt. upstairs will be covered by the upstairs shareholder's insurance, not the co-op's.) You will no doubt want to augment this so that damage to your own personal property is covered as well.

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Response by unnamed
over 18 years ago
Posts: 48
Member since: May 2007

Thanks a lot, that is helpful. If anyone has any good suggestions for insurance carriers who may have better local knowledge of NYC co-op owner needs please post...thanks.

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