Condo Insurance

Investing in a condominium unit is a terrific idea. Whether you intend to stay in that condo or rent it out to a tenant, you can expect it to remain a valuable short and long-term asset. Of course, you cannot stop at fully outfitting your New York condo. You should also invest in a comprehensive condo insurance policy, and we at Premium Brokerage Services Inc. can help with that.

Are New York Residents Required to Purchase Condo Insurance?

People tend to view the importance of insurance from a legal perspective. More specifically, many people only consider insurance an essential purchase if it's mandated by law. While the value of insurance goes beyond meeting legal requirements, it's still worth discussing if you are violating laws by passing on that purchase.

In many cases, condo insurance is usually not a barrier to ownership. Securing that policy may only become required if you took out a mortgage to purchase the condo unit. Condo insurance may turn into a requirement if your lender says it is. Discuss that matter with your lender to ensure everything is in order before finalizing the purchase.

How Does Condo Insurance Benefit Policyholders?

The exact protections condo insurance policies provide vary from one to the next. You'll have to work closely with your insurer to determine what kind of protection you're getting.

Generally speaking, individual condo insurance policies protect the items inside your unit. It specifically protects against hazards such as fires, theft, and vandalism. If your condominium unit requires repairs, your insurance policy can also cover that.

Buying condo insurance also makes sense if you frequently host guests. That policy can save you from a hefty lawsuit payout if someone has an accident inside your condo.

Condo insurance is an essential investment for all unit owners. Snag the policy you need in New York by working with us at Premium Brokerage Services Inc. Drop by our office today, and let's discuss the specifics of your condo insurance!