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.
About George H. Dippel, Attorney at Law
George H. Dippel has been practicing law for over 30 years. He is a graduate of Cornell Law School and a former partner at the law firm of Rivkin Radler in their real estate/banking department. Mr. Dippel opened his own law offices in 1993 in Bayside, Queens, New York.
Mr. Dippel has assisted thousands of clients throughout Queens, Brooklyn, The Bronx, Manhattan, Staten Island, Long Island and Westchester with their wills, probate, trusts, real estate and business matters.
In addition to practicing law, Mr. Dippel has taught real estate courses in Long Island University’s paralegal program. He is also a licensed real estate instructor and has taught real estate licensing courses in the New York Metropolitan area.
Mr. Dippel is admitted to practice in all New York State Courts and the Federal Eastern and Southern District Courts.
