10 Questions to Ask Before Buying Co-Op or Condo Insurance in NYC

Jun 21, 2019

21 Jun
Understanding Insurance

10 Questions to Ask Before Buying Co-Op or Condo Insurance in NYC

by James Elliot

If you’ve spent time searching for the perfect home, you’ll want to select the right insurance to protect it. In the event of a claim, your building’s master policy might not be enough to cover you. That’s why we put together ten easy questions to help you find the best co-op and condo insurance in NYC.

Knowing what to ask your provider will save you time and money, along with ensuring you’re protected.

If you have additional questions, call TSC Direct today! We’ve been covering New York condo and co-op owners since 1986!

1. What Does Your Insurance Cover?

Basic coverage includes your personal property, walls and floors, renovations, and personal liability. You’re able to purchase coverage based on the value of your property, so be sure to ask about extras for anything that outfits your home.

2. Can You Save Money on Your Insurance?

Doormen, security guards, central fire alarm systems, or fire-resistant building materials can help you save money without increasing your deductible.

3. How Large Should Your Deductible Be?

It’s recommended that you take the highest deductible possible to save on premiums and discourage filing small claims.

4. Does Your Building’s Master Policy Have Any Special Requirements?

Your building’s master policy, which usually covers exterior and common areas of your building, is included when you buy a co-op or condo. It’s important to check what else may be covered to ensure that you’re not doubling up on coverage.

5. Are Your Pets Covered By Co-Op or Condo Insurance?

As long as you notify your insurance carrier, your pets can attain liability coverage to cover claims relating to harm caused by your pet.

6. If You Sublet Your Co-Op or Condo, Are You Still Covered?

If you’re planning on renting your apartment out on a long-term basis, your insurance can be modified or rewritten to cover you, as long as you notify your insurance carrier. Short-term visitors, such as Airbnb, will void most coverage.

7. Will Your Insurance Reimburse You for Assessments?

Special assessments for damage to the building may be covered if the master policy insurance is exhausted.

8. Will Insurance Pay for Temporary Housing in the Event of Damage?

All co-op and condo insurance policies offer some coverage when extensive damage occurs. However, some policies have a time limit.

9. What Doesn’t Your Insurance Cover?

Rental cars, short-term renters, damage from insects and bedbugs, and loss of use from rising flood waters are examples typically not covered by co-op or condo insurance in NYC.

10. How Much Does Co-Op or Condo Insurance Cost?

The price you’ll pay depends on the location of your building as well as how much coverage your policy provides. Depending on those two factors, your policy could be as low as $300 up to around $2500 annually.

Why Overpay for Co-Op or Condo Insurance in NYC?

TSC Direct has been serving New Yorkers with renters, homeowners, co-op and condo insurance in NYC since 1986.

As a local insurance carrier that’s run by New Yorkers and for New Yorkers, we understand the unique needs of our insured members. That’s why we provide an efficient claims process and superior service.

Whenever possible, we deliver claims checks to NYC residents by hand rather than putting them in the mail.

See how much you can save by switching to TSC Direct by getting in contact with us below!

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