This is from the New York Times. Read it. Then, if you live in a condo, call the trustee of your building to find out what your building’s insurance policy will cover. Then, call your own insurance company, to see what your own insurance policy will cover.
[O]wners should check to see how much coverage they have for what is known as “loss assessment” â€” that is, coverage for assessments imposed by building boards to cover losses not paid by the buildings’ policies. Brokers say that even owners who believe they have adequate loss-assessment coverage may find they have less than they think.
[S]tandard co-op and condo homeowners’ policies provide just $1,000 in loss-assessment coverage. This means that if unit owners are assessed for damage not paid for by building policies, their homeowners’ policies will reimburse them for only the first $1,000 of the assessment.
And while owners can increase their loss-assessment coverage to as much as $50,000 for as little as $30 a year, doing so may not fully protect them against all assessments that boards might impose.
Source: Read the Policy and Weep – By Jay Romano, The New York Times
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Updated: January 2018