Reducing the Risk of ID Theft
The number of identity theft cases continues to increase, and the cost of grappling with the losses goes beyond the charges the thieves rack up. There is the lost time at work while you contact your creditors and all regulatory agencies involved—think DMV times 10. There are also the copying costs and records fees at many government and other institutions—your medical records are just one concern.
A Master policy purchased by your condo or Co-op Association covers your unit’s building, the common areas, and the unit owners’ collective liability. It does not cover damage to your personal property or interior structural changes you or a prior owner make to the unit. Nor does it cover your personal liability in the event of a lawsuit or a loss assessment.
Careful review of the Insurance Section of the bylaws or proprietary lease section headed “Damage to your Building” for Co-ops, help to determine what your responsibilities are in the event of a loss.
Your Personal Property limit should be chosen with emphasis on the cost to purchase everything new today. Your policy will include Replacement cost on contents coverage. Inventory books are available to assist you in determine how much coverage you need.
Loss Assessment coverage reimburses you for loss assessments that result when the Association’s insurance is inadequate to cover a loss and the Association assess each unit owner for the amount they are lacking.