What type of insurance is needed for a co-op or condo?
Lending institutions may require additional homeowner’s insurance to protect their investment in a condo or co-op. A condo or co-op owner may also need additional insurance for belongings or liability, as well as living expenses in temporary housing after an accident or a disaster. An insurance policy covering the entire condo development for both liability and physical damage is usually purchased by a condo/co-op organization. You would pay for that as part of your monthly assessment.
