Insurance for a co-op

A condo insurance policy may also cover a co-op. The difference between a condo and a co-op lies in the ownership structure. Condo owners own a unit within the building while co-op owners own shares of the building and lease the unit they live in. The co-op management board is responsible for insuring the exterior of the building and common areas.

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Is there specific co-op insurance?

Co-ops are covered with a condo insurance policy, and not a specific "co-op" policy. The types of coverages available vary by insurer, condo policy, and the master policy, but available coverages may include:

  • Dwelling: Dwelling coverage covers everything from items such as alterations, appliances, and the drywall in if a covered event damages your co-op unit.
  • Personal property: Personal property coverage pays to repair or replace your belongings such as furniture and clothing up to your policy's limit and minus your deductible.
  • Liability: If you're liable for someone's injuries or damages to their property, personal liability coverage may help cover your assets if you're sued.
  • Loss of use: If you can't stay in your unit while it's being repaired or replaced, loss of use coverage may help pay for living expenses, such as food and lodging, above what you normally spend.
  • Loss assessment: If there's an accident in common areas of the co-op, loss assessment coverage may help pay for damages that exceed your condo association's master policy limit, up to your policy's limit.

How does insuring a co-op work?

When you buy into a co-op, you normally pay maintenance or association fees. The co-op management board may use a part of those fees to buy a master insurance policy. Before buying insurance for your co-op it's important to understand what the board's master policy does and doesn't cover, so you can get the protection you need.

What the board’s master policy may cover

In general, the master policy typically covers:

  • The exterior of the building
  • The grounds
  • The common areas all residents share

What the board’s master policy won’t cover

Master policies won’t pay to repair or replace personal property. Master policies also typically won't cover upgrades to structural components that are damaged. If you remodel your kitchen and install quartz countertops and marble floors, for example, the co-op's master policy likely won't cover it, but your condo policy might.

When do you need insurance for your co-op?

Typically, there are no laws requiring you to buy insurance if you have a co-op. But if you have a mortgage, your lender will typically require it, and many co-op associations also require it. Even if a policy isn't required, buying insurance for your co-op may help protect your investment, personal belongings, and assets with coverage that extends beyond the board's master policy.

How to get insurance for your co-op through Progressive

Online

Customize your coverages and start date when you quote online.

Get a condo insurance quote

Call us

Talk to a licensed representative who can help you quote condo insurance.

Call 1-866-749-7436

Through an agent

Connect with a licensed independent agent in your area.

Find an agent online

Get a condo insurance quote online or call for advice

Learn more about condo insurance policies.

Please note: The above is meant as general information to help you understand the different aspects of insurance. Read our editorial standards for Answers content. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provisions, limitations, or exclusions expressly stated in any insurance policy. Descriptions of all coverages and other features are necessarily brief; in order to fully understand the coverages and other features of a specific insurance policy, we encourage you to read the applicable policy and/or speak to an insurance representative. Coverages and other features vary between insurers, vary by state, and are not available in all states. Whether an accident or other loss is covered is subject to the terms and conditions of the actual insurance policy or policies involved in the claim. References to average or typical premiums, amounts of losses, deductibles, costs of coverages/repair, etc., are illustrative and may not apply to your situation. We are not responsible for the content of any third-party sites linked from this page.