updated homeowner's insurance for a co-op

We’re about to pay off the mortgage for our co-op (that is, our personal mortgage, not the underlying building mortgage). I just received the renewal packet for our homeowner’s insurance and realized that it hasn’t been updated for many years, so the replacement value of the co-op is way out of date. Is there anything I should know about updating our insurance policy in light of the fact that our unit will very soon be fully paid off and that our apartment has appreciated considerably in recent years? Many thanks!

since2000

in Insurance 11 years and 4 months ago

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brokelin | 11 years and 4 months ago

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You aren’t looking for replacement value exactly from a coop policy….the major replacement of the building, if there is say, a fire, comes from the coop corporations’s policy…so make sure that one covers replacement value and is large enough to do the job. AS I remember insurance agents explaining my individual coop policy to me, it was to cover everything from the walls in (meaning the paint or wallpaper on the walls, but not the wall itself, the coop was responsible for that) and anything added to the unit since conversion (which I took to mean the renovated kitchen and bathroom prior owners put in), plus the usual stuff a renters policy covered (my personal belongings) and any extras I cared to pay for (like covering a place to stay for some time if my place was too damaged for me to stay in it.) Talk to a few good insurance agents people you know recommend…they can explain clearly what you need…it isn’t that complicated when they explain it. (The fact that your unit will be paid off is irrelevant to your insurance needs.)