A common misperception among both condo owners and renters is that the insurance which covers their building also covers them. Not so.
Condo & co-op owners naturally assume that adequate insurance is covered in their association fees, which helps fund a master policy.
However, this policy only covers common walkways, hallways, boiler, elevator, roof and basement for physical
damage and liability. To protect themselves and the property within their unit, owners need to purchase a personal home insurance policy - a.k.a. HO-6 - designed for condos and co-op apartments.
If the unit is burglarized, damaged by flood or fire, or a guest injures themselves inside the apartment, the separate policy kicks in to protect against personal liability. Typical HO-6 policy costs range to several hundred dollars annually depending on extra insurance (floaters) which may cover expensive items like artwork or jewelry.
Learn more on the Web at top sites offering information, online check lists and fact sheets, questions to ask when taking out a policy, and other expert tips and advice on co-op and condo insurance...
More about co-op and condo insurance around the Web:
or rental, it's still yours to protect - Consumer report from Bankrate.com with a discussion on condo and renter's insurance, expert advice on various policies to consider, how to save money on rates, risks and benefits to consider
before taking out a policy.
Insuring a co-op or condo - Basic overview with advice on comparing personal and master policies, additional coverage you may need, and tips on reducing premiums.