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Co-op Insurance Overview

If you live in a co-op, chances are your cooperative apartment corporation or condo association has an insurance policy in place. But this insurance will not provide coverage for you or your personal belongings in the event damage or a disaster.

The co-op insurance will likely cover the building, the property surrounding and owned by the building and provide liability insurance for the co-op apartment corporation. If this is the case, it is imperative to purchase individual insurance on top of the co-op insurance your building has in place.

Individual insurance will protect you, your belongings, and your personal apartment unit against such things as theft, water damage, and liabilities that may occur in your apartment or to someone else’s property.

Purchasing Co-op Insurance Coverage

Before you purchase insurances for co-ops, consult your co-op apartment corporation or condo association to ensure you purchase the insurance policy you need. Find out what is specifically covered under the co-op’s existing insurance so you don’t have to pay for the same coverage twice. Most structural elements of your home will be covered through the co-op association’s insurance. As with any insurance, purchase an adequate policy to cover all costs of repairing or replacing any of your personal items or any items you are responsible for.

When looking to purchase co-op insurance, you must note that it may not include flood or earthquake coverage. This is standard with any homeowner insurance policy and can be purchased for an additional premium. Also, look into purchasing additional insurance for expensive personal items, such as jewellery or collectibles, as there is usually a cap on how much you can claim should these items be damaged.

Co-op insurance is essential in providing you financial security and protection against liability clauses. Even if your cooperative apartment or condo association’s policy looks inclusive, it may not be. Read the association’s by-laws and find out what you as an individual are covered for. It’s always a good idea to play it safe when it comes to insurance.


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