Condominiums: Owners of residential condominium units should purchase a HO-9 homeowners policy. This policy should include property coverage for the unit owner’s personal property such as furniture, clothing and electronic equipment. Building coverage should be included for any part of the unit that unit owner is responsible to insure per the bylaws of the condominium. Improvements & Betterments coverage should be included in the policy for any upgrades to the unit that the current or previous owner made to the unit such as upgraded kitchens, bathrooms floorings and wall coverings. Liability coverage should be included in this policy at a limit of not less than $500,000. Loss of Use and Loss Assessment coverages should also be included in this policy.

 

Cooperatives: Owners of residential cooperative units should purchase a HO-6 homeowners policy. This policy should include property coverage for the shareholder’s personal property such as furniture, clothing and electronic equipment. Improvements & Betterments coverage should be included in this policy for any upgrades made to the unit such as upgraded kitchens, bathrooms, floorings and wall coverings. Liability coverage should also be included in this policy at a limit of not less than $500,000. Loss of Use and Loss Assessment coverages should also be included in this policy.

 

Renters/Sub Lessees: Tenants of rented and/or sub-leased units should purchase a HO-4 homeowners policy. This policy should include property coverage for the tenant’s personal property such as furniture, clothing and electronic equipment. Liability coverage should also be included in this policy at a limit of not less than $500,000. Loss of Use coverage should also be included in this policy.