What is Co-op insurance?
Co-op insurance is similar to homeowners insurance but is designed for the specific needs of coop living. Many families choose co-ops because of the convenience of on-site maintenance and access to community amenities. In this environment, the main structures of all buildings and common areas are covered by an insurance policy held by the coop association. However, a personal co-op insurance policy may cover property damage and liability risks of the unit owner.
Who benefits from Co-op insurance?
Co-op insurance is beneficial for all co-op owners as well their visitors. Co-op insurance may cover damaged, lost or stolen property due to fire, theft or natural disaster. This protection could extend to interior furnishings, including walls, flooring, ceilings, appliances and fixtures.
In addition, this type of policy could cover you against liability claims. If you are found liable for a visitor’s injury, coop insurance could cover associated medical expenses and/or legal fees.
How much Co-op insurance do you need?
The necessary amount of co-op insurance largely depends on the value of your possessions. By determining how much it would cost to replace your possessions, you can estimate the policy size that would be appropriate for your individual needs.
Call us today to learn more about protecting your home with co-op insurance.