Condo Insurance in New York
Many New York condo owners find themselves looking past the need for condo insurance. Why bother if the HOA has a master insurance plan, right? Unfortunately, in the event of a disaster, those "master insurance plans" are only covering the structure of the building and damages to the hallways. Any personal possessions of the condo resident or their guests are left to their own responsibility.
A quick assessment of the master insurance policy that you pay monthly for in your HOA fees may reveal that personal coverage is slim to none regarding your condo and the things you own. New York HOAs are not required to offer coverage for personal possessions. When you purchase condo insurance, you cover your personal possessions within the condo, preventing you from a financial obligation should you experience a fire, theft, or another event out of your control. Also, if you have guests over during the event, their possessions can be covered as well.
Should an accident happen within your condo involving one of your guests, the HOA insurance policy most often will not cover any liability damages in a lawsuit. They can only cover liability coverages in open areas such as hallways and community patios. This can leave you with a significant financial obligation without liability coverage within the condo.
Secure Your Coverage Today
The agents at DeNooyer Direct Insurance Services LLC understand the benefit of condo insurance and the need you have for this additional coverage in the Albany, NY area. Have your master insurance plan available so that your current coverage can be reviewed. By contacting our agents directly, you will be able to draft your own insurance policy that will provide the coverage you need for the items you own, securing you in the event of a disaster. Visit our office or give us a call for more information.