The Building insurance is included in the maintenance, but you still need to have your own insurance for personal liability and personal property.
Good luck with your new home.
Veronika Baba Kian Realty NYC
347 528 5573
While the building has an insurance policy many coops and condos require the individual shareholder and unit owner to have their own home owner's insurance policy. Some coops and condos not only require the homeowner to have insurance but if the apartment is sub-let they may also require the tenant to have renters insurance.
Your personal property in a co-op is from walls out so you need coverage for your cabinets and appliances. That is why you need your own homeowners' insurance. Also you insurance will cover you for liability and if you have to move out because of damage to your apartment.
Hi Contrictor, the short answer is no. The co-op maintenance will include the insurance on the building itself (fire, flood, liability, etc) but you will need to purchase your own home owners policy to cover personal property, personal liability, etc.
Good luck with the purchase! Please let me know if I can be of further help.
Charlie SUmmers, Bellmarc 917-376-1648
Excellent question. While the building has its own insurance policy, the individual purchasing the apartment still needs his or her own homeowner's insurance policy.
Hope that helps!
Bruno J. Navarro
Licensed Real Estate Salesperson
BOND New York Properties, LLC
1776 Broadway, 19th Floor
New York, NY 10019