Homeowners in condos and co-ops often mistakenly believe that their building’s master insurance policy offers full protection for their home, which can lead to complications during a claim. Just as important as placing your own insurance, as an owner you must stay up-to-date with changes to the association’s master policy and take steps to protect yourself and your investment against coverage gaps.

Furthermore, if you or any of your condo/co-op’s preceding owners installed any permanent fixtures (like wall coverings or cabinets) or decided to remodel the kitchen or bathroom, your association’s insurance policy may no longer provide the right coverage to restore your home appropriately after a loss.

If you’re investing in a newly finished building, it is important to speak with the contractor about potential remodeling costs. Afterwards, have a chat with your broker before any work starts to keep your investment protected during and after the construction.

Don’t let your current renovations cause you future trouble. Our specialists in condo and co-op insurance can help you get the perfect coverage that avoids expensive repair costs if something goes wrong.

Your condo insurance and co-op insurance can include:

• Liability coverage: Safeguard your net worth and protect yourself from lawsuits and litigation following accidental water damage to a neighbor’s unit or a dangerous slip and fall in your condo.
• Personal property coverage: Guard your home’s contents against loss, both within and off the property.
• Valuable articles coverage: Enhanced coverage for loss or theft of jewelry, art and other valuable items that are often mistaken as protected under a policy’s personal property limit.
• Loss assessment coverage: Protection for when the association’s insurance policy fails and doesn’t cover the total cost of damage to common areas or following a lawsuit brought against the association.

Just as important as obtaining condo insurance and co-op insurance is keeping them up to date. Let’s work together and service your policy as you make new purchases, renovations and lifestyle changes.

Contact ZRM Brokerage to get started today.