Coops Insurance is a type of homeowners insurance designed for those who live in coops or condos. This type of coverage differs from traditional homeowners policies in that you don't actually own the building; instead, your condo or co-op is owned by a corporation.
A cooperative usually consists of individual shares or units. A building owner buys shares and then leases these to unit owners.
The corporation will also purchase a master policy which covers the entire building, including its common spaces. These policies protect the company from loss by providing property and liabilities coverage.
The master policy also includes a separate, individual policy purchased by every unit owner. The policy is confusing, so working with an insurance agent who can help you understand the system will be helpful.
If your co-op or condominium is in a high-risk area, you'll want to find out if the property has flood insurance. New York City's buildings are not unusual to have flood insurance.
Ask about earthquake and water backup insurance, as these can help cover damage caused by floods or blocked drains. The extra cost is worth it because these types of risks don't come with a standard homeowners policy.
It is also a smart idea to purchase a home office insurance policy which covers your equipment as well as your workstations. This is especially true if it's your job that allows you to earn income from home.
In addition, homeowners in cooperatives can opt for umbrella liability insurance. This policy provides high levels of liability protection. This is especially helpful if you have expensive equipment, and cannot afford to lose it if it gets damaged or stolen.
If you ever need to file for a claim, having a good cooperative insurance policy could save you from a lot more headaches and trouble. You can get coverage for loss of use, furniture and kitchen appliances, as well as personal liability.
Get a quote for co-op coverage from USAA. You can get great customer service from USAA and find the right insurance policy at a great price.
When you're shopping for a co-op insurance policy, be sure to compare the coverage and pricing of multiple companies to find the best rate. It's important to check each company's Better Business Bureau score and see what other customers say about the experience they had with them.
In general the cost of an insurance policy for a cooperative depends on where the building is located. For example, a co-op in the city can be more expensive than a co-op in a suburban area. Co-op policy costs are similar to standard homeowners policies.