Co-op and condo insurance: A guide to getting the best coverage and the best rates in New York
Co-op and condo insurance: A guide to getting the best coverage and the best rates in New York Most co-ops, condos, and mortgage lenders require buyers to get property insurance. But not all coverage is created equal, and you'll want to get the smartest, most comprehensive plan possible. "Before you start shopping around for the best coverage at the best price, find out what is covered by your building’s policy and what isn't. You'll also need to brush up on the minimum requirements of your building as well as your mortgage bank, if you have one," says Jeff Schneider, president of Gotham Brokerage, New York City's most highly rated apartment insurance brokerage. Here's what you need to learn, according to Schneider. 1. What does your co-op or condo building’s master insurance policy cover? Generally speaking, co-op and condo owners are responsible for everything from the "walls in" and "concrete floors up," but each building’s mast