Home Insurance Policies for Condominium Owners

The Condominium owners policy covers only the personal property of the insured. There is no insurance on the building because the Condo Association carries this coverage on a master policy for all property owned in common by the owners of the units.

There is $5000 Coverage A provided for the building improvements and alterations which are the responsibility of the individual Condo owner. This coverage can be increased as needed.

NYCM will provide coverage for losses due to:

  • Fire or Lightning
  • Smoke Damage (except smoke from industrial operations)
  • Windstorm or Hail
  • Collapse of Building from specified causes. Also loss due to falling objects from an outside source.
  • Water Heating System or hot water heater losses. For example, the sudden explosion, cracking or burning of such equipment or appliances.
  • Water Escape or Freezing losses from leaking, overflow of water or freezing of plumbing system.
  • Vandalism
  • Theft

You have some special options:

Loss assessment can be increased over the $5000 basic coverage provided, to cover the insured if they are assessed for a loss not covered by the Condo Association, if it is a covered peril under the condo owner's policy.