New York Condo Insurance
Find the right condo insurance policy for you.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
In the Empire State, condominiums and townhomes are a popular housing option, especially in the urban area of New York City. The charm of condos and townhomes comes from a sense of community with neighbors, plus the convenience of yard and pool maintenance. While the outer areas of your condo are insured by the condo association, the interior of your home is your responsibility. You can be sure your investment is protected by purchasing New York condo insurance.
An agent in the Trusted Choice® network can help you find the condo insurance that is right for your home. A local agent can look over your condo association's master policy to see what coverage you may lack. Contact an independent agent today to get New York condo insurance quotes and a policy that will protect your financial stability.
Save on Condo Insurance
Our independent agents shop around to find you the best coverage.
New York condo insurance protects your home from financial loss due to crime, such as burglary, theft, and vandalism. It also provides financial protection from natural disasters. If your condo is affected by tornado, storm, fire, or wind, you can get compensation for repairs or replacements for your damaged windows, walls, appliances, electronics, clothing, and other property, up to the limits of your coverage.
Most condo or townhome associations have master policies, which cover all of the common areas in a complex as well as the building that houses your condo or townhome unit. Some master policies cover plumbing and interior walls, while some only cover the exterior and basic structure. A New York condo insurance policy covers everything inside the unit – including flooring and ceilings, as well as your possessions.
Condo insurance also provides liability protection, so that if you are at fault in an incident that causes bodily injury or property damage to a guest, you do not have to pay the medical and legal fees of a lawsuit entirely out of pocket.
A local agent can look over your master policy to see how much coverage you already have through your condo association, and how much you may still need in order to keep your property and liability covered.
Owning Versus Renting
If you took out a loan to buy your condo, your lending bank probably requires you to carry condo insurance to protect your investment. However, even if you own your condo outright, it is always a good idea to plan ahead for the financial disaster of a fire, major storm, or lawsuit by purchasing enough NY condominium insurance to cover your risks.
If you rent your condo, you can purchase renters insurance to provide personal property and liability coverage. Most renters keep an average of $20,000 in personal possessions within the walls of their homes. The majority of renters would find it difficult to replace that much property after a fire, tornado, or burglary. Renters insurance can provide the funds you need to repair or replace your lost items. Also, your landlord's insurance does not protect you from litigation against you if you are at fault in an accident at home, but renters insurance can provide liability coverage to pay medical expenses and your legal defense, up to the limits of your policy.
An independent agent can find New York condo insurance and renters insurance from multiple companies, so you can get the best rates and coverage for your unique needs.
What About Flooding, Earthquakes, and Hurricanes?
If you live in a low-lying area where flooding is a risk, such as near Lake Ontario, the Finger Lakes or the Hudson River, you will likely need to buy a separate flood insurance policy through the National Flood Insurance Program. Most condo insurance policies won’t cover damage from rising waters to your condo or townhome.
Also, most insurance companies exclude major disasters such as earthquakes and hurricanes from your condo coverage. You can often purchase add-ons to your condo policy to provide protection from the financial fallout of major disasters like these. A member agent can answer your questions about natural disasters, and help you find the coverage options you need.
Save on Condo Insurance
Our independent agents shop around to find you the best coverage.
How Much Does Condo Insurance Cost?
The prices of condominiums and town homes vary widely in the Empire State. Likewise, premiums on New York condo insurance vary from area to area. The ZIP code of the unit, the quality of building materials, and the overall value of your possessions are all factors that dictate the rates for your insurance. However, most condo policies are far less expensive than a typical homeowners policy, because the structure and the lot have coverage through the condo association.
A local agent in the Trusted Choice network can answer your condo insurance questions. An independent agent shops dozens of companies and can find you the best New York condo insurance quotes for the coverage that fits your needs. No matter what company you choose, a local agent can help you and advocate for you in the event that you need to file a New York condo insurance claim. Contact a member agent today to find the condominium coverage you want at a great price.