We know that condo insurance can be hard to understand, which is why we are going to talk about what your West Chelsea condominium insurance policy covers. Before we begin, it is important to know that whether you own or rent a condo, you need insurance. However, there is another policy that also applies. Insuring the building envelope and general use areas is the job of the condo corporation. There needs to be a different policy for your condo unit because this one does not cover that.
Living Expenses
An insurer will pay a fair amount for your hotel stay if your condo at a place such as 35 Hudson Yards becomes unlivable due to a flood, fire, or other disaster and you have to stay there for a few months while your condo is being fixed. It won’t be a luxury hotel, but it should be fine for living in.
Condo Assessments
Your condo corporation may choose to charge the owners of the condo units for part of the repair costs if they are unable to pay for the aftermath of a specific incident, such as roof damage from a storm or powerful hail. These expenses, sometimes known as special assessments, are frequently covered by your condo insurance policy.
Contents
Your West Chelsea condominium insurance policy covers these risks up to a pre-defined value if anything happens to your contents, such as damage from a broken pipe, damage from floods caused by your above-floor neighbor leaving a tap on, or damage and theft due to a break-in. Upgrades made to your condo are also covered by condo insurance.
