What exactly, is condo insurance? In New York and many other states, how does it differ from having just homeowners’ insurance? Essentially, condo insurance should fill in any coverage gaps in your master insurance policy. That’s the policy held by your condo association. Generally it covers common areas inside and outside your premises such as walkways, roofs, playgrounds, picnic areas, pools, etc. The coverage is for general liability and physical damage. We’ll go into greater detail later on, but the point here is that before you purchase your condo insurance policy, it pays to have an understanding of what your existing condo association master insurance policy covers, then for your complete protection, contact Grillo & Associates for assistance in locating coverages that fill any gaps.

Beyond the communal or shared areas of your community, including your buildings’ outside walls, some master policies may additionally cover some interior aspects of each unit. Generally, however, there are three types of master condo insurance and your master association can tell you exactly which type of policy your community has opted for. These are:

• All-In (All-Inclusive) Policies: In addition to providing coverage for the walls, floors and ceilings of your unit, these policies additionally cover the standard fixtures of your condo as it was originally built. In short, these cover everything inside your unit except your personal belongings. What does this mean when you’re looking to Grillo & Associates for condo insurance? In New York, to use this state as an example, it means that you’ll not have to purchase building property coverage AKA building item coverage as your master policy has already got these fixtures covered.
• Bare-Walls Policies: This policy is the flip side of all-inclusive coverages in that it does not cover anything inside your unit other than the walls, floors, and ceilings. If your master association offers only a Bare-Walls policy, your policy through Grillo & Associates will provide building property coverage for the interior fixtures that you own such as ceiling and wall-mounting light fixtures, kitchen appliances, washers and dryers, countertops, wall coverings (Yes! Even wallpaper!), as well as any home improvements that you’ve made such as bathroom fixtures, hardwood floors, and carpeting.
• Original Specifications or Single Entity Policies: This type of policy provides coverage only for materials that were original to the condo when it was new. For those living in communities over a decade old, it is not very likely that many of the original appliances. Any updates since the condo was new will not be covered and will need to be included in a comprehensive condo insurance policy.

What types of Condo Insurance Policies for New York does Grillo & Associates offer? Turn to our team of professionals who, to accommodate any gaps in your master policy, may suggest:

• Personal property coverage: Covers damage/loss to your personal belongings that have been caused by a covered contingency such as severe weather, fire, or flood.
• Building property coverage: Covers damage to your condo fixtures if these are not covered by the master association policy.
• Personal liability coverage: Provides protection for you and your family members for costs associated with lawsuits for bodily injury or property damage.
• Loss of use coverage: Covers costs above and beyond your normal expenses for temporary housing should your condo become uninhabitable.
• Loss assessment coverage: This coverage applies to events where a condo owner is responsible for a share of damage that affects the entire condominium association. This can include wind damage to common area windows or fixtures. Be aware that loss assessment is sometimes included as standard and sometimes available as add-on coverage.

In addition to these standard coverages, condo insurance in New York is similar to homeowners insurance policies, and provides clients optional features at an additional cost. These add-ons range from identity theft coverage to protection against water backup damage.

At Grillo & Associates, we look at the big picture for each of our clients to fulfill their insurance needs within their budget. Bring your master policy with you to our consultation. We’ll be glad to assess your needs and make recommendations, so your coverage will not have any gaps. Schedule your consultation today!

Other policies may only insure the walls, ceiling and floors of your unit. Therefore, you should read the association bylaws or discuss the type of policy you will need with your homeowners association and your agent before purchasing any policy.  Get condo home insurance today!