1. interior structure
2. personal belongings
3. loss assessment
4. liability

1. the bylaws of the condo association, and
2. the property lease section headed “Damage to Your Building”.

Only by careful examination of these can Allan Block design the proper interior structure coverage for the condo or coop owner. At Allan Block we have 45 years of experience in condo insurance and will help you to understand your condo’s bylaws and property lease terms, and determine the insurance implications.

Sometimes that actually means less insurance than you might otherwise have thought. For example, very often, condo associations tell the condo owner that he or she is responsible for “everything.” Quite often that is not true. For example, most often coop bylaws cover the kitchen.

Personal Belongings. Insurance on content (aka personal belongings) is an amount you need to determine based on the replacements as purchased today, not on the original purchase value. At Allan Block, we provide you with the tools (inventory book, etc.) to help you better determine the proper level of coverage on your belongings.

Loss assessment. If the condo association has a loss and the association’s insurance is inadequate to cover the loss, the association is permitted to assess each unit owner for the amount they are lacking. However, since there is no negligence on the unit owners part this is generally not covered by the owner’s own liability portion of his policy. The unit owner must purchase additional loss assessment coverage to protect against this additional loss assessment scenario.

Liability. Liability provides worldwide coverage if someone is injured as a result of the condo owner’s negligence as relates to a covered peril. For example, if you have a painter in the house, and he trips over your dog and injures himself, this is covered under liability coverage. Another example: if the toilet overflows and damages the precious painting owned by your downstairs neighbor, liability covers it. And liability coverage follows the owner worldwide. For example, if the condo owner is walking on the street in London, and accidentally pokes someone with his umbrella causing an injury, condo liability coverage protects the owner.