Need building insurance for 4-unit condo building?

We’re a co-op but yes you need insurance for the building. The individual units policy insurance probably wont cover what you think it does.

We use brownstone insurance and last time we renewed was approx $10k for the 3 year term covering the 8 units-eg 4 floors.

deancollins

in Insurance 13 years and 3 months ago

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park_slope_boy | 13 years and 3 months ago

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  We are a brand new 4 unit condo building. Each of the condos are insured with a normal homeowner’s insurance. Do we still need to insure the building as a whole? If so, how much are we expected to pay? I assume the rates for the entire building will be much lower than usual since each condo already carries full homeowner’s insurance on it. We are new to this and any help/advice would be great! Thanks!

BigGuy22 | 13 years and 3 months ago

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Hey, Im a broker, I work on a lot of condo conversions. You should definately look in to more insurance then just regular home owners insurance. Because its a conversion most banks will want to know its insured completely ie: if workers get hurt or break something, if a buyer falls before they are sold etc they ask all of these questions on their standard condo questionaires…if your current insurance covers that obvi dont worry about it if not Id look in to it. The building Im currently working on is insured fully, for everything you can think of. Better safe then sorry. Prices will vary based on what you get insured and for each company you shop with. If you’d like to call me feel free I can be reached @ 347 702 3316

park_slope_boy | 13 years and 3 months ago

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Thanks! I am just wondering why a simple liability insurance to cover that case is not enough. After all each individual condo unit’s insurance covers everything else anyway.

brokelin | 13 years and 3 months ago

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I think you are way overestimating what your individual apartment insurance covers.  None likely covers the exterior structure of the building.  You can ask your insurance broker and they will tell you exactly what it covers.

maggie75 | 13 years and 3 months ago

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I live in a small condo unit (4) and the bank wanted to see the building’s insurance for the common areas when I bought. No questions asked about any of the owners’ personal policies or whether I would get a condo insurance policy for my own unit, but they did want to see proof of insurance on the common areas and my impression was it was something necessary to qualify for my mortgage.  I subsequently did get a condo policy for my own unit.