New York Condominium/Cooperative Coverage Quiz

Overview:

This quiz will highlight the most important aspects of condominium/cooperative insurance for unit owners in New York City. It will help you identify areas where you may have inadequate coverage and offer ideas and information on what you can do to remedy the situation.

If you would like a PDF of your quiz results sent to you, please provide your name and email address at the end of this quiz. If you would like to conduct a review of your insurance needs and receive a proposal from a high-quality insurance company, please select “Yes” to the last question in this quiz. Thank you for taking this quiz. Good luck!

Occupancy Issues

My condominium/cooperative insurance coverage will still cover me and my apartment even if I moved out because of COVID-19 and rented it to someone else.

True
Fasle

Occupancy Issues - True

Occupancy Issues - False

Liability Coverage

The personal liability coverage on my condominium/cooperative policy only covers me when I am sued for allegedly causing someone else to be injured?

True
False

Liability Coverage - True

Liability Coverage - False

Loss Assessment Coverage

A condominium/cooperative association can only assess every unit owner up to $1,000 to pay for common area damage repairs that are not covered by the association’s insurance.

True
False

Loss Assessment Coverage - True

Loss Assessment Coverage - False

Loss of Use Coverage

All condominium/cooperative insurance policies in NYC will pay the full cost for the insured to live in a similar living situation to what they are accustomed to if their apartment cannot be lived in after a loss.

True
False

Loss of Use Coverage - True

Loss of Use Coverage - False

Additions and Alterations Coverage*

Condominium/Cooperative insurance will pay to rebuild my apartment after a covered loss no matter what the cost is.

True
False

Additions and Alterations Coverage - True

Additions and Alterations Coverage - False

Jewelry Coverage

Condominium/Cooperative policies include ample coverage for jewelry that is lost or stolen anywhere in the world.

True
False

Jewelry Coverage - True

Jewelry Coverage - False

Renovations

Most condominium/cooperative policy will provide adequate coverage for the apartment even if the occupant moves out during a major renovation.

True
False

Renovations - True

Renovations - False

Directors and Officers Coverage

Condominium/cooperative insurance policies can be designed to provide coverage for a unit owner’s volunteer activities on the association board of directors.

True
False

Directors and Officers Coverage - True

Directors and Officers Coverage - False

Related Coverages

Condominium/Cooperative or HO-6 insurance is the only type of insurance unit owners need in NYC to cover the risks associated with this asset.

True
False

Related Coverages - True

Related Coverages - False

Reducing Costs

There are several strategies that can be used to reduce the cost of condominium/cooperative insurance in addition to finding another insurance company with lower rates.

True
False

Reducing Costs - True

Reducing Costs - False

PDF Quiz Results

Would you like to receive your quiz results by email?

Yes
No

Review Request

Would you like to conduct a review of your condominium/cooperative insurance and receive an insurance proposal for your insurance from a high quality insurance company? (Note: You can start the process online)

Yes
No
Maybe

Insured 1 - First Name

What is your first name?

Insured 1 - Last Name

What is your last name?

Insured 1 - Email

What is your email address?

Insured 1 - Phone

What is your phone number?

New York Condominium/Cooperative Coverage Quiz

Overview:

Ted Mara

RiskRevu^TM Newsletter

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New York Condominium/Cooperative Coverage Quiz

Overview:

Ted Mara

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RiskRevuTM Newsletter

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RiskRevu^TM Newsletter