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New York City Condo & Co-op Insurance Checklist.

January 26, 2015

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Most mortgage brokers and banks require a homeowner to carry property and liability insurance on their homes – this includes your New York City Condo or Co-op.  Because this insurance often gets quite confusing we’ve developed an easy checklist for your to follow!

  1. Know thy Master Policy. You can’t assume anything when it comes to protecting your assets and that includes what your homeowners association or co-op board has agreed to for insurance coverage!  Most owners are responsible for everything from the “walls in” and “concrete floors up” – but each policy is different.  You don’t want to be caught without coverage and you surely don’t want to double insure!  Best bet – get a copy of the master policy and let us review it.
  2. What does your building require for liability coverage? Depending on the building, it can range from $300,000 up into the millions.  Your building board or governance should be able to tell you exactly what they require.
  3. What about outside of your unit – such as storage areas or items in common areas? Again, look at your agreement it should tell you if items stored in these areas are covered under the master policy or if you will need to insure them.  When in doubt – insure on your own.
  4. Document everything …with pictures! This goes for any homeowner.  Spend picjumbo.com_IMG_7446a couple of hours and take pictures of not only your personal items, artwork & jewelry but of every room in your home including the details. Did you just spend $50,000 to upgrade your kitchen – we want pictures!  Take this inventory and store it in the cloud – or on a flash drive in your bank’s fire safe deposit box.
  5. Does your mortgage broker require any type of minimum insurance? Most carriers will require you to insure to value anyway, but crossing all your t’s and dotting your I’s can’t hurt.
  6. Did you just buy? Are you doing renovations?  What you just bought and what it will be when you are done adding some pizzazz are two completely different things!  Make sure to share your fabulous plans with your Founders Agent – we can make sure you have the proper endorsements or even a different type of policy until your renovations are completed.
  7. Loss Assessments – We always suggest maxing out this coverage. Loss Assessment coverage will protect you if your condo/co-op association has to cover a large deductible or major assessment has to come back to the owners of the property. Trust us, you want this coverage!  Think heavy snow and roof collapse or flooding….it can add up quickly!
  8. Discounts – having all your insurance with one agent has some distinct advantages, we can identify any type of multiple policy discounts that could save you some serious money!
  9. Loss of Use – this coverage will protect you if you have to find alternate or temporary accommodations due to a loss. Some carriers have unlimited coverage or Actual Loss Sustained.

It is complicated, but I’m here to help in any way possible!

Linda Robertson Platinum Accounts Executive

Linda Robertson
Platinum Accounts Executive

Linda Robertson

Platinum Accounts Specialist

lrobertson@foundersgrp.com

860-435-2507

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