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Wish I could help. We lived in a co-op for 6 years. The co-op paid for the insurance for our structures. But we had to buy insurance for the contents of our homes. Does your co-op purchase any insurance, or do you have to get it all on your own?
Technically for a co-op you should not be required to get insurance on the building because of the fact that you don't own the building, you just own shares in a corporation. I would ask to take a look at their by-laws which will contain all of that information---a very large packet that will put you to sleep, but definitely important to read before moving ahead with a purchase such as that.
I would definately talk to your insurance agent on this one. Hazard insurance should be maintained by the board on the entire building as you don't own property, you own shares. So, everyone owns the building. You would need some kind of insurance on your personal property, similar to renters insurance. Liability insurance may be a protection in case someone got hurt and wanted to sue you, or if you got hurt on the property... maybe like an umbrella policy? That is my wildest guess, but your insurance agent can help you. If that is what it is, umbrella policies typically aren't that expensive.
Shelly
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