Condo & Co-op Insurance Overview
Protecting Personal Property for 60+ Years. As a Condo/Co-op Owner you have special needs. You want to protect your personal possessions and the building portion that is not covered by your Condominium or Cooperative Association’s policy, namely non common building property, such as kitchen and bathroom cabinets, rugs, ceiling fans, private heating or air conditioning units and in some cases, the inside walls of your condominium. Many people do not realize that apartment insurance does not cover the above items and neither does the association’s policy. Coverage gaps would sure to arise.
However, just purchasing a condominium policy may not be enough. Most Condo/Co-op policies give you a standard amount of building, or additions and alterations coverage ,which is usually not nearly enough. In most condominiums or cooperatives, the limit of your responsibility for building coverage averages can be much more that basic limits. Needless to say, you need an insurance agent that can evaluate your exposures and design a program that will fit your specific needs.
At Lincoln Brokerage you would receive such attention to detail and our experienced staff will help provide you with a comprehensive program that will include in addition to the standard coverages such items as:
- Loss Assessment: covers the portion of a loss assessed to you by the condo or co-op association.
- Loss of Use: covers your extra expense incurred after a covered loss due to temporary relocation.
- Building Improvements: covers building items not insured under your condominium association’s insurance policy.
- Comprehensive Personal Liability: protects you when you are legally liable for those accidental trips, falls and other injuries to visitors or guests on your property.
- Scheduled Personal Property: allows you to purchase specific coverages beyond the limit provided under your basic policy for such items as jewelry, furs, personal computer, musical instruments, fine arts, silverware, cameras, etc.
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