subject: New York Insurance [print this page] I own a coop. Do I need to have insurance for it?
Many cooperative owners today feel as if there is no need to carry a coop insurance policy. Is this true, or is it simply a misconception? Coop owners today feel as if their agent is selling them something that is not needed. After reading this article, you will see that for a minimal amount of money ,it really is a no-brainer to own one.
Most cooperatives purchase a master policy on behalf of their shareholders. These policies cover the common areas of the building, and the exterior shell of each individual unit. So the question that comes up all the time is: I renovated my coop, are the renovations covered under the buildings master policy? The answer to this question is NO! Renovations need to be insured against loss. Hard wood floors, tile back splashes, wall paper, crown molding, etc. are all items that would be covered on a standard HO6 coop insurance policy.
An additional item that individuals overlook, is that the master policy of a cooperative does not cover contents inside an individual unit. That nice new plasma TV, Apple computer, or Bluray DVD player are all item with significant value. In the event of a fire, and you lost everything, would you be able to replace all these items that took years to accumulate?
For literally a couple dollars a day a HO6 coop insurance can be purchased for your unit. An excellent website to obtain competitive coop insurance quotes is nyinsuranceshopper.com. This website partners with over fifty different insurance carriers. By doing so they are able to provide the most competitive coverage for the lowest possible price. The site also prevents you from having to contact multiple insurance carriers to obtain different quotes to compare.
by: jack78
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