Coop/Condo & Tenants Policy

Over the years, we've had some clients who assume they need less coverage for a condominium than they would in a single-family house. In some cases that's true. In most cases it's not.

A condo owner can typically get away with a smaller policy to cover valuables and replacement of assets, simply because condos are worth less than houses and don't hold as much “stuff”. However, in some cases, condo owners can be subject to greater liability than house owners because of their proximity to other owners. Imagine the damage and resulting liability if your clothes dryer malfunctions and four neighboring condo owners are displaced because of fire, smoke, or water damage. Worse yet, imagine the results of an upstairs neighbor being injured or killed because of negligence on your part.

When we speak, we'll have many questions for you. We'll start by asking you about your assets, including expensive items that must be insured, then we'll talk about the details specific to your location. For example, we'll need to know what insurance coverages are required by your condo association. We'll want to know where your responsibilities begin and where the association's end. For example, most associations cover the common areas such as the pool, sidewalks, etc., but they may or may not cover your front steps. Similarly, we'll want to know what happens when broad water damage occurs from sewer and drain backups. So it will be helpful if you have your condo papers available or can have them sent to us.