The Facts About Condo Insurance

Finding a reasonably priced full-sized home that’s close to the big city can prove to be a complex undertaking for New York residents. Many people eager to live in the state may start by renting an apartment or buying a condominium unit to get around that issue.

Some may even consider the prospect of purchasing a condo unit more palatable because they think they can avoid specific responsibilities that way. But is that the case?

Let’s take this opportunity to talk more about condominiums and the insurance requirements related to them. If you’re interested in purchasing a plan yourself, The New Rochelle Agencies can help you out!

What Is Condo Insurance For?

The mechanics of insurance for condominiums can be a bit confusing. Allow us to help clarify matters for you to make a better decision regarding your insurance-related purchases.

First off, condominium owners are required to buy insurance. However, the policy they need to get does not cover every inch of the property.

Condominium owners need to insure the building itself along with the common areas. Those common areas may include the lobby, hallways, and facilities found inside the building. Beyond that, they are not required to insure anything else.

The property owner’s insurance does not cover the contents of your condo unit. You will have to buy condo insurance to protect the items you keep inside your unit.

Living in that condo unit without insurance means your belongings are constantly at risk. Do you want to accept that kind of risk? If not, you should start looking into buying condo insurance.

Do You Need to Buy Condo Insurance?

Not everyone knows this, but condo insurance is mandatory for New York residents. You will need to buy a plan first, or the property owner will not sell you the unit. Though that may seem unfair, the policy is meant to protect you first and foremost. Please do not shy away from purchasing that plan because it will benefit you as long as it remains in effect.

Buying condo insurance is a must for New York residents. At The New Rochelle Agencies, we will help you meet that requirement. Reach out to us today to find the policy you need.

We are based in New Rochelle and the Larchmont areas and are licensed to sell Insurance in the States of NJ and NY.