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Owning a Condominium requires owning two separate insurance policies. One to cover your personal items and the other covers liability or fees that may be charged to you regarding shared areas of the building:
Your own insurance policy.
This provides coverage for your personal possessions, structural improvements to your apartment and additional living expenses if you are the victim of fire, theft or other disaster listed in your policy. You also get liability protection.
A "master policy" provided by the condo/co-op board.
This covers the common areas you share with others in your building like the roof, basement, elevator, boiler and walkways for both liability and physical damage.
Also ask your insurance professional about the following additional coverages:
Unit assessment: If there is a fire in the lobby, all the unit owners are charged the cost of repairing the losses; this reimburses you for your share of the repairs.
Water back-up: This insures your property for damage by the back-up of sewers or drains. Water back-up may not always be included in a policy. Check to see that it is included.
Umbrella liability: This is an inexpensive way to get more liability protection and broader coverage than is included in a standard condo/co-op policy.
Flood or earthquake: If you live in an area prone to these disasters, you will need to purchase separate flood and earthquake policies. Both insurances can be purchased through our agents.
Floater or endorsement: If you own expensive jewelry, furs or collectibles, consider getting additional coverage since there is generally a $1,000 to $2,000 limit for theft of jewelry on a standard policy.
Let Griffith Insurance & Financial Services, Inc. help you choose a policy that will fit your individual needs. Protecting your assets, whether personal, business or both, is our goal.