If buying a co-op apartment in Manhattan, is home insurance included in the maintenance?

Asked by Contrictor, New York, NY Wed Jun 13, 2012

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Veronika Baba, Agent, NY,
Thu Jun 14, 2012
Hi Contrictor!
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
1 vote
Mitchell Hall, Agent, New York, NY
Fri Jun 15, 2012
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.
1 vote
Anna M Brocco, Agent, Williston Park, NY
Thu Jun 14, 2012
Building insurance is included, however it's always a good idea to have your own homewoner's policy in order to cover personal belongings....
1 vote
Ross Ellis, Agent, New York, NY
Thu Jun 14, 2012
Dear Contrictor,

Coops are required to carry their own insurance polices. Shareholders which you would be if you purchase in a coop have their own insurance policy. The rates are very affordable.

Hope you enjoy your new purchase!

Ross Ellis
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
212.317.7828 direct
770 Lexington Avenue, 10th Floor
New York, NY 10065
1 vote
Annette Levi…, , New York, NY
Thu Jun 14, 2012
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.
0 votes
Ella Chavers, Agent, New York, NY
Thu Jun 14, 2012
This is a question for your real estate agent.
0 votes
Charlie Summ…, Agent, New York, NY
Thu Jun 14, 2012
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
0 votes
Weichert Rea…, Agent, Bronx, NY
Wed Jun 13, 2012
Hi Contrictor,

Thankfully, homeowners insurance on a co-op is comparable to renters insurance because you do not own Real Property.

Let me know if I can be of further assistance,


609 Kappock Street
Suite 1A
Bronx, NY 10463
(718) 432-5000 (Office)
(718) 432-2091 (Fax)
(917) 974-2600 (Cell)
0 votes
Bruno Navarro, Agent, New York, NY
Wed Jun 13, 2012
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!

Best regards,

Bruno J. Navarro
Licensed Real Estate Salesperson
BOND New York Properties, LLC
1776 Broadway, 19th Floor
New York, NY 10019
347.725.0944 mobile
212.804.8948 direct
270.675.9195 fax
Web Reference:  http://NYCApartmentAgent.com
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