Condo and co-op insurance in NYC, built around your building
Condo and co-op insurance covers the part of your apartment that your building’s master policy does not: your belongings, your renovations and your personal liability. In Manhattan, Brooklyn, Queens and across the city, it is also something most boards and condo associations expect you to carry before you move in.
Gordon Companies is a family-owned, independent brokerage in Midtown Manhattan, insuring New York apartment owners since 1968. We read your building’s requirements, compare unit-owner policies from several carriers and explain where the master policy ends and yours begins. You will always be able to reach a real person.
How a unit-owner policy works
Condo and co-op owners usually buy the same type of policy, often called an HO-6 or unit-owners form. The building insures the structure and common areas. Your policy picks up from there.
- Personal property: furniture, clothing, electronics and other belongings.
- Improvements and betterments: kitchens, bathrooms, flooring, built-ins and other upgrades you or a prior owner paid for.
- Personal liability: defense and damages if you are responsible for injury to someone or damage to their property, including a neighbor’s apartment.
- Loss of use: additional living costs if a covered loss makes the apartment unlivable for a while.
- Loss assessment: your share of a special assessment the building charges owners after a covered loss to common property.
Walls-in versus bare walls
The most important question is what the building’s master policy covers inside your unit. Some master policies are written on an all-in or walls-in basis and include original fixtures like cabinets and flooring. Others cover only bare walls, leaving everything from the studs inward to you. The answer is in the condo bylaws, the co-op proprietary lease and the master policy itself, and it drives how much coverage you need.
Improvements and betterments
If you have renovated, or bought an apartment someone else renovated, that work often belongs to you to insure. We set the limit around what it would cost to rebuild your kitchen, baths and finishes today, not what was paid years ago.
What NYC co-op and condo owners should know
Apartment buildings in New York create risks that a house in the suburbs does not.
- Board requirements. Many co-op boards and condo associations require unit-owner coverage, and some set minimum liability limits or ask to be named on the policy. We match the policy to the requirement and can send proof of coverage to your managing agent.
- Water damage between units. A leak from your dishwasher or bathtub can travel several floors down. Liability coverage and the way your policy treats water damage both matter here.
- Loss assessment limits. Default loss assessment limits are often modest. If your building has a high master policy deductible, owners may be assessed for it, and a higher limit can help.
- Flood. Unit-owner policies generally exclude flood. Owners in low-lying buildings, especially on lower floors, may want to look at separate flood insurance.
If you rent the apartment out, tell us. Some boards restrict sublets, and the coverage needs change when tenants live there. Your tenants will want their own renters insurance, too.
How we shop condo and co-op coverage
We start with your building’s documents and your board’s requirements, then compare carriers on policy form, water damage terms, loss assessment options and price.
What affects the cost
- The building’s age, construction and the master policy deductible
- Your personal property and improvements limits
- Liability limits and deductibles you choose
- Claims history and protective devices such as water leak sensors
Gaps we look for
The most common gaps are improvements limits that are too low, loss assessment limits that do not match the master deductible and jewelry or art that exceeds the policy’s built-in caps. For owners with larger collections or more valuable apartments, a high net worth policy may be a better fit, and an umbrella policy can add liability protection above your unit-owner and auto coverage.
Questions we hear about condo and co-op insurance
Is co-op insurance different from condo insurance?
Both are usually covered by a unit-owner policy. The difference is in the paperwork: condo owners look to the bylaws, while co-op shareholders look to the proprietary lease and house rules to see what they are responsible for.
Does my building’s master policy cover my apartment?
It covers the building and common areas, and sometimes original fixtures inside your unit. It usually does not cover your belongings, your renovations or your personal liability.
What is loss assessment coverage?
It helps pay your share when the building charges owners for a covered loss to common property or for a master policy deductible. Limits vary, so we check yours against the building’s deductible.
Do I need to name my building on my policy?
Some boards and managing agents ask to be listed as an additional interest or additional insured. We can add them and send the certificate directly.
Related coverage
Start your condo or co-op quote
Send us a few details on our quote page, or call 212-687-2525 Monday through Friday, 9am to 5pm. Have your board’s insurance requirements handy, and a real person on Aaron’s team will take it from there.
