Coops insurance is an insurance policy that's tailored specifically for people who live in condo or co-op buildings. This type differs from traditional homeowner policies because the condo or building you live in is owned and managed by a corporation.
Normally, a co-op is made up from individual units or shares. A building owner, a corporation, or a management company buys the shares that make up the property and leases them to individual unit owners who have built equity in their units.
The corporation also buys a master coverage that covers all common areas and the building. These policies provide property and liability protection to protect the corporation against losses.
In addition to the master policy, there is a separate individual policy that's purchased by each unit owner. This policy can be confusing. You should consult an insurance professional who is familiar with this system.
Find out if there is flood insurance on your property if it's in a risky area. This coverage is not unusual for New York City buildings.
You should also ask about earthquake and water back-up coverage, which can help cover loss due to floods or backed up drains. These risks are not covered under a standard homeowner's policy. They are therefore worth paying the extra amount for.
It's also a good idea to get a home business insurance policy that covers your equipment and workstations if you run a small hobby business from your condo or co-op unit, or if you are a professional who earns income through your work from home.
Co-op homeowners can also opt to purchase umbrella liability insurance, which offers a high amount of liability protection in one policy. This is especially helpful if you have expensive equipment, and cannot afford to lose it if it gets damaged or stolen.
A good co-op insurance policy can save you a lot of headache and hassle if you ever have to file a claim. It can help cover loss of use in your condo or co-op, replacement cost value on items like kitchen appliances and furniture, and personal liability if you injure someone else while on the property.
You can get a co-op insurance quote from USAA today. USAA offers excellent customer service, and they can help you get a good deal on the best policy for your needs.
If you're looking for co-op coverage, compare the pricing and coverage offered by multiple companies in order to get the most competitive rate. Compare the Better Business Bureau ratings and read what customers are saying about each co-op insurance company.
The cost of co-op policies is generally determined by the location of the building. For instance, a city co-op can be more pricey than a suburban co-op. Co-op policies are about the same price as standard homeowners' insurance.