Condos coverage

Insuring a condo or co-op is a little different than insuring a typical home because you don't own the entire building. There are typically two policies involved: the master policy provided by the condo association or co-op board, and your individual policy, which is typically written on a standard form HO-6. If you know what is covered by the master policy, and purchase individual coverage for the rest, then you should have the protection you need.

The master policy
The common areas you share with other tenants should be covered by a master policy owned by the property. These areas include, the roof, stairways, elevators and basements. The master policy should protect the policyholder(s) from liability and physical damage. The master policy may also cover individual units as they were originally built, and may or may not cover fixtures. It is important for you to know exactly what the master policy covers so that you can purchase appropriate individual coverage for your unit and its contents. For instance, the master policy may cover original fixtures, but not improvements. If you or a former tenant has made improvements, you will want to be sure they are covered under your individual policy. The condo association or co-op board should be able to supply you with the information you need, or provide you with the appropriate documents that explain the coverage.