What is Condo Insurance?
Condominium owners in New York own their condos and, therefore, are usually responsible for insuring them. Their insurance needs, however, are different from those of homeowners. Condo insurance policies are designed to meet the particular insurance needs of condo owners.
Condominium insurance policies are like homeowners insurance policies that are written with the unique insurance needs of condominium owners in mind. Like homeowners policies, condo policies typically provide structural coverage for a condo’s structure, personal property, and liability. The structural coverage they offer, however, is usually different from that provided by homeowners policies because condo owners don’t own freestanding houses.
Who in New York Needs Condominium Insurance?
In general, any New York residents who own a condominium in the state should have condominium insurance. Most condo owners who have loans against their condos are required by the terms of their loans to carry a condo policy, but even those who aren’t under an obligation to have a policy usually decide to get one. After all, condos in New York are often highly valuable, and few residents could afford to replace their condo and its contents themselves. Instead, they rely on an insurance policy to protect them against covered incidents