#
First Casualty Insurance Group, Inc.
Contact Us
Get A Free Quote
Manage My Policy
Make A Payment
File A Claim
 Condominium Insurance 

What type of insurance do I need for a co-op or condo?

If you have purchased a condo or co-op, the bank will require insurance to protect its investment in your home. You may, however, need more insurance to cover your personal items, liability or fees that may be charged to you regarding shared areas of the building like the lobby.

You will need two separate policies to protect your investment:

Your own insurance policy.
This provides coverage for your personal possessions, structural improvements to your apartment and additional living expenses if you are the victim of fire, theft or other disaster listed in your policy. You also get liability protection.

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 what structural parts of your home are covered by the condo/co-op association and what are not. You can do this by reading your association’s bylaws and/or proprietary lease. If you have questions, talk to your condo association, contact us or family attorney.

Sometimes the association is responsible for insuring the individual condo or co-op units, as they were originally built, including standard fixtures. The individual owner, in this case, is only responsible for alterations to the original structure of the apartment, like remodeling the kitchen or bathtub. Sometimes this includes not only improvements you make, but those made by previous owners.

In other situations, the condo/co-op association is responsible only for insuring the bare walls, floor and ceiling. The owner must insure kitchen cabinets, built-in appliances, plumbing, wiring, bathroom fixtures etc.

Also ask us about the following additional coverages:

Unit assessment.
This reimburses you for your share of an assessment charged to all unit owners as a result of a covered loss. For instance, if there is a fire in the lobby, all the unit owners are charged the cost of repairing the loss.

Water back-up.
This insures your property for damage by the back-up of sewers or drains. Water back-up may not always be included in a policy. Check to see that it is included.

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.

Flood or earthquake.
If you live in an area prone to these disasters, you will need to purchase seperate flood and earthquake policies. Flood insurance is available through FEMA's National Flood Insurance Program ( http://www.fema.gov/nfip/ ). Both flood and earthquake insurance can be purchased through your insurance agent.

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.

Also don’t forget to ask about all available discounts. You can reduce your rates by raising your deductibles and by installing a smoke and fire alarm system that rings at an outside service. If you insure your unit with the same company that underwrites your building’s insurance policy, you might also get an additional reduction in premiums.

Have questions or concerns about your insurance?

We can help.
Call us at 1-800-352-3416
uick quote, call us today!

We currently provide insurance services in:

  • North Carolina
  • South Carolina
  • Virginia
Email
Facebook
Twitter
LinkedIn
StumbleUpon
Add to favorites
Google+
Digg
Delicious
Reddit
Ebates Coupons and Cash Back
Read Unbiased Consumer Reviews Online at AngiesList.com

    Disclaimer: Please note that completion of the following request for information does not constitute the purchase of insurance. No coverage may be added, changed or bound as a result of submitting this request for information or quotation of insurance. All coverage must be confirmed by the agency in writing subject to an acceptable signed application meeting the underwriting guidelines of the Insurance Company. First Casualty Insurance Group, Inc. is licensed in the states of North Carolina, South Carolina and Virginia. No solicitation of insurance is being made outside of this these states.

    Statements on this web site as to policies and coverage provide general information only. This information is not an offer to sell insurance. Insurance coverage cannot be bound or changed via submission of any online form/application provided on this site or otherwise, email, voicemail or facsimile. No binder, insurance policy, change, addition, and/or deletion to insurance coverage go into effect unless and until confirmed directly by a licensed agent. Any proposal of insurance we may present to you will be based upon the information you provide to us via this online form/application and/or in other communications with us. Please contact our office at (800) 352-3416 to discuss specific coverage details and your insurance needs. All coverage is subject to terms, conditions and, exclusions of the actual policy issued. Not all policies or coverage is available in every state. Information provided on this site does not constitute professional advice; if you have legal, tax or financial planning questions; you should contact an appropriate professional. Any hypertext links to other sites are provided as a convenience only; we have no control over those sites and do not endorse or guarantee any information provided by those site.

    190-A Turner Street  |  Southern Pines, NC 28387  |  1-800-352-3416
    fciginfo@fcignc.com
    Privacy Policy | Copyright Information | Notices
    � First Casualty Insurance Group, Inc., 2007
    Insurance Websites Insurance Web Designs - Insurance Websites | webmail login | admin login