It surprises many of our clients to learn that condos and co-ops often require more coverage than a standard homeowner’s policy. There are some possibilities and risks to condo and co-op living that don’t apply to single-family homeowners, and we create our policies accordingly.
Many coverage options are the same for both, of course. Your insurance needs to protect your personal property, from the dwelling itself to the valuable possessions stored within it, and it needs to be protected from multiple potential threats, including fire and flood, natural disaster, and theft.
Beyond this, co-ops and condos may have alterations and renovations required by the building association, and if any loss occurs in the execution of those alterations, you may need a separate coverage policy for that situation. If your condo is located on the second floor above another tenant’s property and your bathroom plumbing damages their ceiling, you need separate insurance to cover that damage.
Sound complicated? To be honest, sometimes it is. The good news is that at Gonzalez & Company, we know all the ins and outs of homeowner’s insurance for all kinds of dwellings, and we’ll make sure that every eventuality is covered. We take a look at your individual property, your building association policy, and any other bylaws or agreements to come up with a customized policy that’s exactly right for you.
We’ll make sure you get competitive pricing and only the additional coverage that you need, so your solution is all-encompassing in terms of coverage, but not all-consuming.