Condos & Co-Ops

Comprehensive Solutions for Your Urban Oasis.

Comprehensive solutions for Your Urban Oasis.

Insuring Condos & Co-Ops - The Biggest Misconception

At JMP Insurance Brokers, we do more than just work in the Big City, we’re longtime Urban Dwellers ourselves.  We fully understand the complexities, and challenges of insuring  Condominiums (Condos) or Cooperatives (Co-Ops) in urban US real estate markets.

Over 2 decades, we’ve learned that the Biggest Misconception about Insurance in the City  is that Proprietary  Co-Op Leaseholders/”Owners”  don’t need to insure the structure of their units, since it’s widely believed that if damaged or destroyed, the Building’s Master Co-Op Policy will  pay for their damages, living expenses & rebuilding costs.

JMP Insurance Brokers can unequivocally share that these assertions are categorically False.  Each day,  we advise existing & prospective Clients that from an insurance perspective, Co-Ops should always be insured like Condos — regardless of differences in Ownership Structures or that Co-Ops are not considered ‘Real Property’.    

99.5% of Cooperative By-Laws we’ve seen all say the same thing:  Squarely placing onus on the Proprietary Leaseholder to pay repairs to/rebuilding of the structure of their Co-Op units from the “Walls-In” or from the “Studs-In” — depending how the By-Laws stipulate – and regardless of the responsible party.  Since NYC Co-Ops, for example, account for roughly 70% of the entire Condo/Co-Op market, this broadscale misconception is important cause for concern.

Through Actionable Insights like these, JMP Insurance Brokers consistently advocates for its Clients not only to become better informed about Best Practices for Insuring their Condos & Co-Ops,  but more importantly,  better protected.   Allow us to put these Actionable Insights to work for you for all types of Condo & Co-Ops, with varying levels of complexity, ownership structures, and a host of occupancy, usage, & construction plans:, including:

Condos & Co-Ops We Insure:

Benefit from Our Actionable Insights & Best Practices.

Request a Condo/Co-Op Quote for the Most Important Coverage Needs. Yours.
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JMP Insurance Brokers
Condos & Co-Ops Quote Request Form

Instructions

Thank you for contacting JMP Insurance Brokers for your Insurance & Risk Management needs!

To submit your quote request, please answer all questions that follow, making note of required fields, marked with an asterisk *, which must be completed in order to proceed. Prior to sending, you’ll also have an opportunity to upload relevant documents as part of your submission. When finished, simply click the blue “Submit” button, and JMP Insurance Brokers will fully encrypt all of your private & confidential data prior to it being sent to us for quoting.

Thanks again! If you have any questions or need our assistance, please don’t hesitate to contact us.

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