There are slight differences in approaching cover for a condo or a co-op but they are basically the same animal in regards to insurance. You should always obtain a copy of the building “master policy”, this is the buildings insurance policy and covers the building itself, the liability and all common areas, like the lobby, corridors etc. The master policy is paid for by the unit owners through their monthly or annual dues or fees.
There are three kinds of coverages afforded the condo or co-op owner by the master policy, the “bare walls” coverage, the “single entity” coverage or the “all inclusive Coverage”. Most master policies are of the bare walls variety and it is recommended that the master policy be looked at by us, however often this doesn’t happen and it’s assumed that the building only offers bare walls, which means that in the event of a loss, the building will only repair the walls and everything else in the unit would be put back together by your insurance policy.
All personal property is covered as are any structural additions and alterations to the unit, all appliances and built ins. Individual personal liability is also included of course. Other coverage’s can be added to this policy, like excess liability (umbrella), a fine art/antique or jewelry policy.
The JWA will ensure that the condo or co-op owner is covered with appropriate limits and will dovetail the coverage to the master policy when possible.