New York Condo Insurance
Get a full analysis of New York condo insurance costs, coverage, and companies.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Find the Best Condo Insurance Options in New York
Condominiums are a popular housing option in the Empire State, especially in urban areas like New York City. Condo living provides a sense of community as well as the convenience of exterior maintenance and perks like pools and fitness centers.
When you purchase a condo, remember that you need to protect your investment with New York condo insurance.
An independent insurance agent in New York can help you understand condo insurance and find the best coverage for your needs. A local agent can help you get quotes from multiple insurance companies to make the best choice.
Best Condo Insurance Companies in New York
Local independent agents represent some of the best condo insurance companies in New York. These companies provide a mix of valuable coverage offerings, competitive pricing, and a proven track record of reliability and excellent customer service.
- Foremost Insurance Company: Foremost was founded in 1952 and offers a wide range of coverage, including condo insurance, in 50 states.
- Progressive: Progressive is based in Ohio but offers condo insurance across all 50 states, including New York. New York residents can look to Progressive for most of their personal insurance needs.
- Stillwater Insurance Group: Stillwater is a national personal and commercial lines carrier with rock-solid financial stability. The company can help you with your condo insurance needs in New York.
- Safeco: Safeco has been protecting individuals and families since 1923. The company offers condo insurance in New York, as well as a comprehensive range of other personal insurance policies. Working through independent agents, Safeco makes it easy to get the best mix of coverage and pricing.
- Travelers: Travelers offers highly rated condo insurance in New York. It can meet your additional personal insurance needs with a full line of products, including auto, boat, identity theft, umbrella, and other coverages.
An independent insurance agent in your area can help you learn more about these and other landlord insurance companies in New York. A local agent can help you get competitive quotes for the coverage that fits your needs.
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What Is Condo Insurance?
Condo insurance is similar to renters insurance and regular homeowners insurance, but it's designed for the specific coverage needs of condominium owners.
When you own a condominium, you will be required to pay monthly dues to a homeowners association (HOA). Your HOA uses some of these funds to pay for the condo association’s master insurance policy.
The association master policy covers the building(s) and the common elements of your condo complex. You only need to insure the portion of the building where you live (the dwelling) and your personal property. Typically, the association master policy covers the following:
- Damage to your building’s structure, including its roof, walls, siding, stairwells, and elevator
- Damage to all common areas and facilities, like fitness centers and swimming pools
- Liability lawsuits related to injuries or property damage sustained in common areas, parking lots, garages, walkways, and the lawn
Not all HOA master policies are the same. For instance, some may cover only the walls, roof, floors, and elevators — leaving the unit owner responsible for covering everything else. Others might cover built-in appliances, but not things like countertops, fixtures, and carpeting installed by the builder or the unit owner.
Association master policies can vary even further. You'll need condo insurance that covers what the condo association's policy does not. An independent insurance agent can help you determine how much coverage you need for your personal property and any structural elements you are responsible for insuring.
What Does Condo Insurance Cover in New York?
Condo insurance in New York typically provides the following types of coverage:
- Dwelling coverage: Covers damage to any parts of the unit itself (walls, fixtures, etc.) that the unit owner must cover according to the association master policy.
- Personal property coverage: Covers damage to the condo owner’s personal property, including furniture, clothing, artwork, electronics, and more.
- Loss of use coverage: Provides certain temporary living expenses (e.g., lodging, meals) if your unit is uninhabitable after a covered loss (e.g., after a fire).
- Liability coverage: Covers medical expenses, repairs, and legal fees if someone is injured in your unit or if you damage someone else's property.
The property coverage in a condo insurance policy covers your property when it is lost, damaged, or destroyed by certain covered perils.
The association master policy that your condo association has will determine the types and amount of condo insurance that you need to protect your unit. An independent insurance agent in your area can help you get the coverage you need.
What's Not Covered by Condo Insurance in New York?
Condo insurance in New York won’t cover everything. Water damage is one area where coverage exclusions may apply, depending on the cause of the damage. Your condo insurance may help cover water damage caused by burst pipes, rain, and ice dams, but it may not cover sewer or drain backups.
What's more, condo insurance does not cover water damage caused by floods.
You can likely purchase a sewer backup endorsement for your condo insurance policy if you need that type of coverage. You can cover flood damage to your personal property with a separate flood insurance policy purchased from the National Flood Insurance Program (NFIP), a program administered by the federal government.
It is important to be aware of what your policy does and does not cover so that you do not face any unfortunate surprises later. When you work with an independent insurance agent in your area, your agent can help you review your policy and understand when your coverage doesn’t apply.
Save on Condo Insurance
Our independent agents shop around to find you the best coverage.
How Much Does Condo Insurance Cost in New York?
Condo insurance is usually much more affordable than traditional homeowners insurance because condo insurance doesn't need to cover the structure of your building or its outdoor and common areas.
The average annual condo insurance cost in the U.S. is $455. The average cost for condo insurance in New York is $495 per year. Your condo insurance premium may be higher or lower than average.
Certain characteristics of your condo influence how “risky” an insurance company might think it is to cover and how much it would cost to replace it if it were destroyed by a fire or another covered peril. Insurance companies evaluate these risk factors, including but not limited to the following, to decide what to charge you for New York condo insurance:
- The construction materials used in your condo
- The size of your condo
- The value of your condo
- The crime and weather risks in your zip code
- What the association master policy covers and how much coverage you need to fill the gaps
- The coverage options, coverage limits, and deductibles that you choose
A local independent insurance agent can help you understand your condo insurance quotes and can help you find the best condo insurance in New York.
New York Condo Insurance FAQs
Condo insurance in New York typically provides several types of coverage, including dwelling coverage, personal property coverage, loss of use coverage, and liability coverage. You can also buy additional coverage depending on your needs.
An independent insurance agent will help you find the best coverage for your New York condo.
If you have a mortgage on your condo, you'll be required by your lender to carry condo insurance in New York. Also, as the owner of a condominium, you will be required to pay dues to your homeowners association (HOA), a portion of which goes toward paying for the association master policy.
A good condo insurance policy will work in conjunction with your HOA master policy to provide you with the dwelling, personal property, liability, and loss of use coverage you need while ensuring that you are not overpaying by purchasing redundant coverage.
The cost of your condo insurance policy in New York depends on several factors, like the type of construction materials used in your condo, the value of your unit, the crime and weather risks in your area, and the amount of coverage you need.
In New York, the average annual cost of condo insurance is $495, but because everyone has different needs and levels of risk, the cost of your condo insurance policy may not be the same as your neighbor's.
We recommend several top condo insurance companies in New York, including Safeco, Progressive, Stillwater Insurance Group, Foremost Insurance Company, and Travelers.
If you own a condo, part of your homeowners association (HOA) dues will go toward the purchase of an association master policy, which is an insurance policy that covers the building(s) and the common elements of your condo community. Association master policies typically fall into one of the three following categories:
- Bare walls coverage covers the basic elements of a building's structure (walls, roof, floors, elevators, etc.).
- Single entity coverage insures the basic structure and specific items within individual units other than the owners' personal property.
- Modified single entity/all-in coverage protects fixtures, installations, or additions/improvements within the interior surfaces of individual units' perimeter walls, floors, and ceilings.
Condo insurance in New York does not cover floods. You can purchase flood insurance designed for condo owners from the National Flood Insurance Program and some private carriers.
Before shopping for condo insurance in New York, make sure to familiarize yourself with your community's association master policy. That way, you can ensure that your policy includes all the coverage you need.
An independent insurance agent can help you review your master policy and answer any questions you may have. A local agent can offer one-on-one consultation and affordable options for the best coverage for your unique needs.
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