Co-op insurance

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PostPosted: Wed Dec 03, 2008 8:29 am   Post subject: Co-op insurance  

Hi,

Is insurance a must if I'm gonna invest in a Co-op? What type of coverage do I need to look for?

brown_brooke


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PostPosted: Wed Dec 03, 2008 9:42 am   Post subject:   

Hi see..if you got a co-op, there has to be some coverage to safeguard the bank's investment towards your home. There could be excess need of coverage for other things at home as well as for the charges that you owe upon the shared areas and the liability. You'd definitely need to have your own insurance in place along with the coverage to be provided by the condo-coop board.

Plasticmind


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PostPosted: Wed Dec 03, 2008 12:39 pm   Post subject:   

Quote:
You'd definitely need to have your own insurance in place along with the coverage to be provided by the condo-coop board.




Yes, your coverage would protect your possessions, make your apartment structure better and bear the extra expenses on account of certain disasters mentioned in your policy. There would also be a good proportion of liability insurance. Roddick
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roddick

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PostPosted: Wed Dec 03, 2008 2:17 pm   Post subject:   

Hi,

you could be amazed to know that the responsibility of covering the co-op units would sometimes fall upon the association. They would need to ensure that it regains its original shape and design. Even the fixtures have to be reinstated. The owner would only need to bear the expenses of repairing the apartment structure.

But yes...there are also instances wherein the association would only need to pay for repairing certain parts of the apartment like ceiling, walls or the floor. Under such circumstances the owner may need to take care of certain sections within the kitchen or the bathroom apart from the wiring and fixed appliances.

Thanx, Purpleheaded08


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