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2. A "master policy"
provided by the condo/co-op
board: This covers the common areas
you share with others in
your building like the roof,
basement, elevator, boiler
and walkways for both
liability and physical
damage.
To adequately insure your
apartment, it is important
to know which structural
parts of your home are
covered by the condo/co-op
association and which are
not by reading your
associationˇ¦s
proprietary lease.
Also ask your insurance
about the following
additional coverage:
1. Unit assessment
This reimburses you for your
share of an assessment
charged to all unit owners
as a result of a covered
loss.
2. Water back-up
This insures your property
for damage by the back-up of
sewers or drains.
3. Umbrella liability
This is an inexpensive way
to get more liability
protection and broader
coverage than is included in
a standard condo/co-op
policy.
4. Flood or earthquake
If your living area prone to
these disasters, you will
need to purchase separate
flood and earthquake
policies. Flood insurance is
available through
FEMA's
National Flood Insurance
Program. Both flood and earthquake
insurance can be purchased
through insurance
agent.
5. Floater or endorsement
If you own expensive
jewelry, furs or
collectibles, you might
consider getting additional
coverage since there is
generally a $1,000 to $2,000
limit for theft of jewelry
on a standard policy. |
