Cooperative Apartment Corporations and Condominiums have “master” or “blanket” insurance policies insuring their buildings against fire and other hazards. But should you also have your own insurance policy?
You definitely should! The blanket or master policy does not cover your personal property in your co-op or condo and will not protect you if a guest injures themselves while in your apartment. Additionally, if a fire or other disaster results in you having to temporarily relocate until the building is restored, your relocation expenses, moving expenses, rent, etc., will not be covered.
Cooperative apartment and condominium owner’s policies insuring against such risks are relatively inexpensive. Speak to your insurance broker if you’re buying a co-op or condo or if you’re a current owner and don’t already have such coverage.