Co-op Insurance
If Your Personal Belongings Were Stolen or Your
Coop Unit Damaged in a Fire ...
A Co-op Unit Owner Policy May Be the Answer.
The Co-op Policy provides coverage for:
Loss of Use of Residence Coverage
This portion of the coop insurance pays for any reasonable
increase in extra living expenses necessary for maintaining
your normal standard of living, such as a place to stay, food
and transportation, in the event your apartment is not
inhabitable due to a covered loss (subject to certain policy
conditions).
Customize Your Co-op Policy With Optional
Features:
Loss Assessments Protection
Your coop board may assess you for damage to community
property in the co-op project or for liability damages. Loss
Assessment Protection pays for this assessment, up to the
policy limits, if the assessment is a result of a covered loss.
A deductible will apply.
Personal Property Replacement Cost
This coverage aims to replace or repair most of your
damaged personal properties without deduction for
depreciation in a covered loss.
A Coop Unit Owner Policy Provides These
Coverages
Building Property Protection
Building Property Protection covers real property items that
are part of the residence premises occupied exclusively by
you and owned by you. Examples of such real properties
are:
Personal Property Protection
Personal Property Protection provides coverage for personalproperties against damages from covered perils. Examples
of personal properties include mattress, television sets, sofa,
etc. Depending on the policy purchased, covered perils can
include:
Theft Protection
Theft coverage protects your personal properties against several types of loss due to theft, subject to certain
conditions. Examples are:
Family Liability and Guest Medical Protection
Liability protection is probably the number one reason most unit owners purchase co-op insurance. It provides
coverage against non-auto liability suits brought on by
people suffering bodily injuries or damage to their
properties. Guest Medical coverage provides for
medical expenses, whether or not an accident in your
home was your fault. This coverage protects against:
Co-op Protection
Personalize your coop policy with optional features:
Property Insurance Adjustment
At each renewal your policy is reviewed and if necessary, your limits adjusted to maintain proper coverage.
Extended Coverage On Jewelry, Watches, and Furs
If you own expensive jewelry, gems, furs or watches, you can
increase the coverage limit and covered perils by special
endorsement to the basic policy.
Save on Premium with Discounts
Protective Device Discount
You can save on premiums if your home is equipped with
home security devices such as smoke alarms, fire
extinguishers, dead bolt locks, central monitored burglary
alarm, and in some cases if your co-op has 24-hour security
guard protection.
55 and Retired Discount
You may be eligible for a discount if you are at least 55
years of age and retired.
Multi-Line Discount
Some of our carriers offer a discount if you have auto
insurance with them.
If Your Personal Belongings Were Stolen or Your
Coop Unit Damaged in a Fire ...
 | Would your co-op master insurance policy cover your | |
| unit? | ||
| Would you be able to replace or repair your damaged | |
| personal properties? | ||
| Would you be able to afford another shelter for your | |
| family while your co-op unit is being repaired? |
A Co-op Unit Owner Policy May Be the Answer.
The Co-op Policy provides coverage for:
Loss of Use of Residence Coverage
This portion of the coop insurance pays for any reasonable
increase in extra living expenses necessary for maintaining
your normal standard of living, such as a place to stay, food
and transportation, in the event your apartment is not
inhabitable due to a covered loss (subject to certain policy
conditions).
Customize Your Co-op Policy With Optional
Features:
Loss Assessments Protection
Your coop board may assess you for damage to community
property in the co-op project or for liability damages. Loss
Assessment Protection pays for this assessment, up to the
policy limits, if the assessment is a result of a covered loss.
A deductible will apply.
Personal Property Replacement Cost
This coverage aims to replace or repair most of your
damaged personal properties without deduction for
depreciation in a covered loss.
A Coop Unit Owner Policy Provides These
Coverages
Building Property Protection
Building Property Protection covers real property items that
are part of the residence premises occupied exclusively by
you and owned by you. Examples of such real properties
are:
| Built-in bookshelves | |
| Wall-to-wall carpeting | |
| Cabinets | |
| Paneling |
Personal Property Protection
Personal Property Protection provides coverage for personal
of personal properties include mattress, television sets, sofa,
etc. Depending on the policy purchased, covered perils can
include:
| Fire/Lightning | |
| Hail/Windstorm | |
| Falling objects | |
| Water damage from rupture of steam or heating | |
| system | ||
| Riot, Vandalism, Malicious Mischief | |
| Freezing of plumbing or heating systems | |
| Smoke |
Theft Protection
Theft coverage protects your personal properties against
conditions. Examples are:
| Credit cards and counterfeit money | |
| Holdup, pickpockets, burglary | |
| Stolen and forged checks | |
| Theft on and off premises |
Family Liability and Guest Medical Protection
Liability protection is probably the number one reason most
coverage against non-auto liability suits brought on by
people suffering bodily injuries or damage to their
properties. Guest Medical coverage provides for
medical expenses, whether or not an accident in your
home was your fault. This coverage protects against:
| Bodily injury lawsuits | |
| Property damage lawsuits | |
| Defense legal fees | |
| Damage to others' properties | |
| Guest medical protection |
Co-op Protection
Personalize your coop policy with optional features:
Property Insurance Adjustment
At each renewal your policy is reviewed and if necessary,
Extended Coverage On Jewelry, Watches, and Furs
If you own expensive jewelry, gems, furs or watches, you can
increase the coverage limit and covered perils by special
endorsement to the basic policy.
Save on Premium with Discounts
Protective Device Discount
You can save on premiums if your home is equipped with
home security devices such as smoke alarms, fire
extinguishers, dead bolt locks, central monitored burglary
alarm, and in some cases if your co-op has 24-hour security
guard protection.
55 and Retired Discount
You may be eligible for a discount if you are at least 55
years of age and retired.
Multi-Line Discount
Some of our carriers offer a discount if you have auto
insurance with them.
 |  |  |  |  |  |
MY Insurance Agency
Do I really need co-op
insurance?
My cooperative corporation already
has an insurance policy that covers
the entire building. That's good
enough for me, right?
Not so fast.
As a co-op unit owner your monthly
maintenance fee helps to pay for the
"master policy". This master policy
only covers the co-op building,
commonly owned properties,
walkways, hallways, elevator, boiler,
roof and basement and provides
liability insurance for the cooperative
apartment corporation. However, the
"master policy" does not cover losses
to your own apartment.
If a fire ruins the entire floor, the
"master policy" pays for the repair of
the building and the replacement of
the building furniture, but not your
furniture. If a guest at your Christmas
party, or a contractor you hire to
install a light fixture, falls over the
coffee table and is injured, the
"master policy" does not cover you.
That's why you need co-op insurance
designed specifically for co-op
owners.
Co-op insurance protects you from
losses to your personal property, such
as your HDTV, and the interior of your
apartment. It also provide liability
protection against lawsuits for bodily
injury or property damage to others.
insurance?
My cooperative corporation already
has an insurance policy that covers
the entire building. That's good
enough for me, right?
Not so fast.
As a co-op unit owner your monthly
maintenance fee helps to pay for the
"master policy". This master policy
only covers the co-op building,
commonly owned properties,
walkways, hallways, elevator, boiler,
roof and basement and provides
liability insurance for the cooperative
apartment corporation. However, the
"master policy" does not cover losses
to your own apartment.
If a fire ruins the entire floor, the
"master policy" pays for the repair of
the building and the replacement of
the building furniture, but not your
furniture. If a guest at your Christmas
party, or a contractor you hire to
install a light fixture, falls over the
coffee table and is injured, the
"master policy" does not cover you.
That's why you need co-op insurance
designed specifically for co-op
owners.
Co-op insurance protects you from
losses to your personal property, such
as your HDTV, and the interior of your
apartment. It also provide liability
protection against lawsuits for bodily
injury or property damage to others.