Homeowners Insurance for your co-op or condo
If you have purchased a condo or co-op, the bank will require insurance
to protect its investment in your home. You may, however, need more insurance
to cover your personal items, liability or fees that may be charged to you
regarding shared areas of the building like the lobby.
You will need two separate policies to protect your investment:
- Your own homeowners insurance policy.
coverage for your personal possessions, structural improvements to your
apartment and additional living expenses if you are the victim of fire,
theft or other disaster listed in your policy. You also get liability
- A "master policy" provided by the condo/co-op board.
This covers the common areas you share with others in your building
like the roof, basement, elevator, boiler and walkways for both liability
and physical damage.
To adequately insure your unit, it is important to know what structural
parts of your home are covered by the condo/co-op association and what are
not. You can do this by reading your association’s bylaws and/or proprietary
lease. If you have questions, talk to your condo association, family attorney,
or your friendly customer service agent here at All Access Insurance Services,
Sometimes the association is responsible for insuring the individual
condo or co-op units, as they were originally built, including standard
fixtures. The individual owner, in this case, is only responsible for alterations
to the original structure of the apartment, like remodeling the kitchen
or bathtub. Sometimes this includes not only improvements you make, but
those made by previous owners.
In other situations, the condo/co-op association is responsible only
for insuring the bare walls, floor and ceiling. The owner must insure kitchen
cabinets, built-in appliances, plumbing, wiring, bathroom fixtures etc.
Also ask us about the following additional coverage’s:
- Unit assessment.
This reimburses you for your
share of an assessment charged to all unit owners as a result of a covered
loss. For instance, if there is a fire in the lobby, all the unit owners
are charged the cost of repairing the loss.
- Water back-up.
This insures your property for
damage by the back-up of sewers or drains. Water back-up may not always
be included in a policy.
- Umbrella liability.
This is an inexpensive way
to get more liability protection and broader coverage than is included
in a standard condo/co-op policy.
- Flood or earthquake.
If you live in an area
prone to these disasters, you will need to purchase separate flood and
earthquake policies. Flood insurance is available through FEMA's National
Flood Insurance Program. Both flood and earthquake insurance can be
purchased through All Access Insurance Services, LLC.
- Floater or endorsement.
If you own expensive
jewelry, furs or collectibles, you might consider getting additional
coverage since there is generally a $1,000 to $2,000 limit for theft
of jewelry on a standard policy.
insurance free quotes
Call Toll Free (800)-808-2695
All Access Insurance Services, LLC
713 Mission Ave - Suite A
Oceanside, California 92054
Toll Free (800)-808-2695
State Insurance License # 0D69251