Condo and Co-op Insurance
Protect Your Home in Westchester, NYC, Fairfield County
Living in a condo or co-op offers convenience, community, and often a maintenance-free lifestyle but it also comes with unique insurance needs. At Refine Risk, we design Condo and Co-op Insurance systems that protect your unit, your belongings, and your financial future, giving you confidence in your home.
Whether you’re in Westchester, Manhattan, Brooklyn, Queens, Fairfield County, or the Jersey City, we help you navigate the fine print between your building’s master policy and your personal policy.
Why Condo and Co-op Insurance Matters
Your building’s master insurance policy typically covers the structure and shared areas like the lobby, hallways, gym, and rooftop terrace. But from the walls in, protection falls on you. Without the right coverage, you could be left paying for:
- Repairs to your unit’s interior walls, floors, built-ins, and upgrades
- Replacement of personal property after a fire, theft, or burst pipe
- Liability claims if a guest is injured inside your unit
- Additional living expenses if your unit becomes uninhabitable
- Special assessments if the building’s master policy falls short
Condo and co-op insurance (usually called an HO-6 policy) bridges the gap between the master policy and the protection you need.
How Much Does Condo/Co-op Insurance Cost?
Below is an estimate of average annual condo/co-op insurance costs for a typical unit (assuming average unit value, standard coverage, and no major claims). Actual costs vary based on building structure, location, upgrades, and individual risk profile:
| Region | Avg Annual Cost | Notes |
|---|---|---|
| Westchester | $500 – $1,200 | High-value properties may see higher costs, especially for custom finishes. |
| NYC | $600 – $1,500 | Co-ops may have higher costs depending on building master policy. |
| Fairfield County | $550 – $1,300 | Townhomes and condos with shared amenities can influence liability costs. |
| NJ Gold Coast | $550 – $1,400 | Waterfront properties and shared spaces may raise premiums. |
Note: These are estimates based on standard HO-6 coverage. Actual costs vary by building bylaws, building construction, and personal risk profile.
Condo vs. Co-op: What’s the Difference?
In Westchester and NYC, many buildings are co-ops rather than condos. Here’s how that affects your insurance:
| Aspect | Condo | Co-op |
|---|---|---|
| Ownership | You own your individual unit from the walls in. | You own shares in a corporation and have a leasehold interest in your unit. |
| Master Policy | Typically covers exterior and common areas. | Varies by building; may be more limited or extensive. |
| Personal Policy | Covers everything from the walls in—upgrades, fixtures, personal property, and liability. | Covers your unit, personal property, liability, and often improvements. |
At Refine Risk, we help you understand your building’s insurance requirements and make sure your policy closes any gaps.
What Does a Condo or Co-op Insurance Policy Cover?
Dwelling (Interior) Coverage
Protects walls, floors, ceilings, built-in cabinets, appliances, and any upgrades you’ve made.
Personal Property Coverage
Covers your furniture, electronics, clothing, and valuables against covered losses.
Liability Coverage
Protects you if a guest is injured inside your unit or you accidentally damage someone else’s property.
Loss of Use Coverage
Pays for additional living expenses if your unit becomes uninhabitable due to a covered claim.
Loss Assessment Coverage
Helps pay for special assessments levied by your association for damage that exceeds the master policy limits.
Understanding Your Responsibilities
Building bylaws and proprietary leases vary widely. It’s important to get a copy so you know:
- What the master policy covers (walls in, studs out, or something in between)
- Which fixtures, finishes, and improvements you’re responsible for
- Whether you need extra endorsements (e.g. water backup)
At Refine Risk, we review these documents with you and build a system that meets your obligations and your lifestyle.
Building Master Policy Coverage Comparison
Understanding what your building’s master policy covers is essential. Here’s a comparison of typical master policy structures:
| Building Master Policy Type | What it Covers | What You Need |
|---|---|---|
| Bare Walls | Covers structure only; you’re responsible for everything inside the walls, including drywall and fixtures. | Comprehensive HO-6 policy with high dwelling (interior) limits. |
| Single Entity | Covers structure and original finishes, but not upgrades or improvements. | HO-6 policy that covers upgrades, personal property, and liability. |
| All-In (Walls-In) | Covers everything in the unit, including fixtures and improvements, but excludes personal property. | Primarily personal property and liability coverage. |
At Refine Risk, we review your building’s bylaws and master policy documents to ensure your policy fits perfectly.
Local Expertise Makes the Difference
Living in Westchester, NYC, Fairfield County, and the NJ Gold Coast means understanding local insurance nuances:
- Westchester: Many luxury condos and co-ops in towns like White Plains, Yonkers, and New Rochelle, each with different master policy structures.
- NYC: Historic co-ops on the Upper East Side, modern condos in Tribeca, and high-rises in Long Island City—all with different coverage needs.
- Fairfield County: Townhomes and condos in Stamford, Greenwich, and Norwalk often have shared amenities like gyms and pools that require extra liability coverage.
- NJ Gold Coast: Hudson County waterfront communities, like Jersey City and Hoboken, often include shared rooftops, gyms, and concierge services that affect liability exposure.
Our local expertise ensures your coverage fits your home and your community.
Additional Tips for Condo and Co-op Owners
Keep an Updated Inventory: Document your belongings for easier claims.
Upgrade Your Policy After Renovations: New appliances or finishes may require higher coverage.
Consider Water Backup and Flood Coverage: Especially important in buildings with basements or older plumbing.
Ask About Loss Assessment Coverage: Protects you if your building’s master policy comes up short.
Why Choose Refine Risk?
- Local expertise in Westchester, NYC, Fairfield County, and NJ Gold Coast
- Access to top national and regional carriers
- Personalized coverage systems that align with your building’s requirements
- Advisors who focus on protecting your financial future, not just selling a policy
How to Get Started on Your Condo and Co-op Insurance Quote
Protect your home, your belongings, and your peace of mind with a comprehensive condo and co-op insurance system. Call our office today or complete the form below to get started on a personalized quote. Let’s build a system that fits your life, right here in the community you call home.