From Brooklyn, NY, the NEC Agency Inc. is proud to help people find reliable insurance protection throughout the state. Are you in need of insurance for your condo? The New York insurance professionals at NEC Agency Inc. can provide you with a quote for your condo.
A condo insurance policy will cover your unit and your belongings. It typically will include liability coverage in the event someone gets hurt in your unit.
Most condo insurance policies include $100,000 of liability coverage. It is always an option to purchase more, usually up to $500,000. If you feel you need more liability coverage, an umbrella policy can be purchased to supplement the liability limitations outlined in your condo insurance policy.
Your condo insurance policy covers you for loss or damage to your personal possessions, provides coverage for personal liability and medical payments. Insurance for a condo is known as an HO-6 policy. The HO-6 policy will provide you with coverage for a wide range of losses due to many causes.
Many wonder about plumbing accidents and how they can be protected. Condo insurance covers accidental damage that occurs suddenly to your property caused by water damage but does not include damage resulting from long-term causes such as leaks. If the water damage is confined to your unit, you are covered for damage that results.
Do you wonder how much coverage you will need to purchase? Most lenders will require 20% of the condo's value. For example, you would require $100,000 in coverage if your condo were valued at $500,000.
How about coverage for your personal property? It is hard to determine the value of our possessions, but a general rule is to assume $40,000 in personal property for the first 1,000 square feet of the condo, then add $5,000 for every 500 square feet after that.
Suppose you live in New York, are buying a condo, and need insurance coverage. Contact the insurance professionals at NEC Agency Inc. for all the help you need.
Don’t delay. Contact us today.