Coop Insurance (apartment, homeowners insurance, broker)

[todd2ny]

I just purchased a coop and have a question about homeowners insurance. If the bldg were to become damaged by fire etc and not be livable, would the coop bldg insurance cover the value of my shares in the bldg? In other words, would the insurance pay me back the value of my shares, so I can pay off my mortgage? Or, do I need my own insurance to cover this loss?

Thanks,

T.

[sezzam]

It depends on the coop's master policy. Regardless of the details, most master policies require individual unit owners to carry their own unit insurance with a "loss coverage amount" (loosely called "deductible"). Additionally, the exact cover can also depend on the unit's insurance. So, check your own unit's policy.

You should be able to get an insurance certificate (for free) showing the details of the coop's master policy.

[willow wind]

You'll need insurance of your own. As previously noted, read the master co-op policy to see just how much they cover. Normally it's the structure ( shell) itself and the common areas.

You would take on raw interior space. You would be responsible for the walls in of your unit and everything in it. In other words you would pay for interior walls, partition walls, kitchen, bathrooms, connections to main plumbing of the building, flooring, heating, electrical, etc. Windows are a moot point and would depend on the master policy.

You would also be responsible for liability/ injury---let's say a lighting fixture in your apartment fell and hit someone.

Get hold of and read that master policy then contact an insurance broker and see what they offer and recommend.