Your First Co-op or Condo? Here are 2 Things Buyers Need to Know
So you’re upgrading and moving out of your rental. The next step? Buying a condo or co-op.
Here are some things you need to know now that you’ve taken the next step in apartment living:
1. Insurance policies for co-ops and condos include three basic types of coverage.
Gotham says: “Contents” covers the bulk of your personal property-clothing, furniture, electronics-from fire, theft, smoke, explosion, and water damage from bursting pipes and overflows.
“Walls and floors” insures those surfaces, and also the built-in fixtures in the kitchen and bathroom, and the value of any renovation work you’ve done or purchased from the prior owner.
“Personal liability” covers you for bodily injury and property damage resulting from your (alleged) negligence—damage caused to neighbors or their property, and overflows from your toilet, tub, or sink into the apartment below. Or, if you overload a socket and a fire destroys several apartments that sends dozens of people to live in hotels for months–apartment insurance has got you covered.
2. Now that you’re serious about apartment living, you’ve invested in better furniture and have accumulated some assets.
Gotham says: If you’ve invested in a more expensive way of living, it’s smart to protect it. And you’re always one broken washing machine hose away from ruining your downstairs neighbor’s photography collection. Most apartment insurance policies come with $100,000 worth of liability coverage, but the difference between $100,000 and $1 million worth of coverage is only about $70 a year.
Contact Gotham for a free quote today.