How condo insurance is split
New York condominiums are governed by the state's Condominium Act (Real Property Law, Article 9-B) and by each building's declaration and bylaws. The bylaws say what the board must insure and what each unit owner must insure.
- Master policy (board): the building structure and common elements, often including original fixtures inside units, depending on the bylaws.
- Unit owner policy (HO-6): the owner's belongings, upgrades and personal liability, plus any parts of the unit the bylaws make the owner's responsibility.
- Master policy deductible: who pays it after a loss that starts in one unit is often set in the bylaws or house rules. Unit owners should know the number.
What a condo association program includes
- Property for the building and common elements at replacement cost.
- General liability for common areas, plus an umbrella.
- Directors & officers liability for the board. See board D&O explained.
- Crime / fidelity for common charges and reserves.
- Equipment breakdown for elevators, boilers and building systems.
- Workers' compensation if the association employs staff directly.
Commercial condo units, such as a store or garage in the building, add their own exposures. See mixed-use building insurance.
Frequently asked questions
What does a condo master policy cover?
The building and common elements, and the association's liability. Whether it also covers fixtures and finishes inside units depends on your declaration and bylaws, which is why we read them before quoting.
Who pays the master policy deductible?
It depends on the bylaws and house rules. Some buildings pass it to the unit where the loss started. Unit owners can often add loss assessment coverage to their own HO-6 policy.
Is a condo association the same as an HOA?
They are similar: both are run by an elected board. In New York, condominiums are governed by the Condominium Act and the building's own declaration and bylaws.
Can we get an estimate online?
Yes. For NYC condos with 4 to 1000 units, choose condo in the instant estimate to see a property and liability range.