Co-op and Condo Insurance — Tips to Find the Best Coverage + Prices in Brooklyn
Jul 11, 2022 brooklyn,Brooklyn homebuyers,brooklyn homeowners,brooklyn real estate,brooklyn realty,buying into brooklyn,home insurance,homeowners insurance,realty collective
Finding the best insurance for co-ops and condos in Brooklyn can be tricky. This is mainly due to the fact that our buildings already offer some level of coverage to their residents. So, you want to find the best possible price on your personal insurance, but you also need to make sure you’re protected in areas that your building’s policy doesn’t cover.
Below, you’ll find a few of the best questions to ask when you’re trying to find affordable coverage that will protect you in every possible way.
- What does your master policy cover, exactly? Most of the time, you’ll be responsible for everything on the inside of your apartment. But be sure to check the details of your policy, because you don’t want to miss out on coverage or pay for duplicate protection when it’s not necessary.
- What is the minimum coverage required by your building? By your bank? Your building likely requires liability insurance, which has your back if you end up being labeled the cause of someone else’s injury or property damage. And your bank probably needs you to cover your home well enough that it would still be worth the loan amount if a disaster took place. Ensuring all requirements are met will not only keep you safe financially in these situations, but potentially prevent fines and other penalties that come with a lack of proper coverage.
- Do your building’s features qualify you for discounts? Some features that could lead to discounts include doormen, security systems, fire-resistant buildings, etc. Don’t miss out on these easy savings!
- Are all areas of your property covered? The best policies cover all of your belongings, including your off-site storage and belongings that are stolen outside of your home.
- Do you need flood insurance? If your apartment is at ground level, this is a must-have for your insurance policy. Don’t be left with water damage because your plans don’t include it.
- Are you working on renovations? Make sure the work fits into the rules of your policy. You will definitely need to use permits and licensed contractors. You may need to submit plans to your insurance as well. Otherwise, you won’t be covered when the project goes south.
- Have you documented your property and personal belongings? Most policies cover your personal items to some degree, but not without proof of ownership. Take photos and estimate the costs of high-end items. Purchase additional coverage for these pieces if needed.
So, there’s a lot to consider when you set out to find the perfect co-op or condo insurance. But answering all of these questions will ensure your policy is both as protective and affordable as possible. If you need any advice as you work through the process, feel free to let us know. We’re here for you with every home-related concern!