3+ years experience in insurance and personal finance editing
NPN: 20564519
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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Living in a New York City co-op has advantages, but it’s important to know what your building’s insurance actually covers. The co-op’s master policy generally protects the building’s structure and shared areas, but it doesn’t extend to your personal belongings, home upgrades, or liability if someone injures themselves inside your unit.[1]
That’s where co-op insurance, or an HO-6 policy, comes in. Many co-op boards and mortgage lenders will require you to purchase a co-op policy. Even if it’s not mandatory, having this coverage can save you from hefty out-of-pocket expenses in the event of damage or loss.[2]
Here’s what you need to know about New York City co-op home insurance.
Quick Facts
The average cost to insure a condo or co-op in the state of New York is $1,307 per year for a policy with $200,000 in dwelling coverage.
Standard co-op insurance doesn’t cover flood and earthquake damage.
Loss assessment coverage helps cover your portion of repairs to shared areas.
The best NYC co-op insurance companies
Strong coverage, competitive rates, and excellent customer service are a few of the most important factors to consider when choosing a co-op insurance company in New York City. Ultimately, the best insurance company for you will depend on your coverage needs as a co-op share owner.
The following three companies are great options, each with something unique to offer. Here’s how they stand out.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.3/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
842
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$141/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$205/mo
If you’re trying to balance solid coverage with reasonable prices, State Farm has you covered. State Farm is one of the cheapest co-op insurance companies in New York City. New Yorkers are facing increased co-op board fees due to stricter inspection rules and new climate regulations, making affordable premiums especially important.
Pros
Affordable, straightforward pricing
Local agent support across the city
Above-average J.D. Power property claims satisfaction rating
Cons
Fewer high-end customization options
Can’t buy coverage online; must go through an agent
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.9/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
833
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$134/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$192/mo
Allstate is a good option if you’ve invested in high-end upgrades or want to cover every detail of your co-op unit. You can add more robust protection, including water backup, loss assessment, building code, and extended protection coverage. Plus, you can add scheduled personal property for higher limits on valuables like jewelry, art, or collectibles.
Pros
Broad coverage for personal upgrades and high-value items
Numerous discounts for bundling and safety features
Highly rated mobile app allows for easy policy management
Cons
Extra coverage often requires add-ons, which increases costs
Customer service can vary by agent
Fewer complaints than average filed with the National Association of Insurance Commissioners (NAIC)
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
8.7/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
815
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$159/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$250/mo
Nationwide is the best co-op insurance company if you care about customer experience as much as your coverage. The company has fewer complaints than the insurance industry average, according to the NAIC. It also has 47 independent insurance agents in the New York City area who can offer personalized support.
Pros
Above-average J.D. Power claims satisfaction rating
Customizable coverage options
Good number of available discounts
Cons
May not be the cheapest option for budget-conscious buyers
Basic policy doesn’t include identity theft protection
Doesn’t offer extended or guaranteed replacement cost coverage
We chose these top co-op insurance companies using the Insurify Quality (IQ) Score, which evaluates insurers across 15+ criteria. The score looks at factors like affordability, customer satisfaction, availability, and financial strength. Each company receives an IQ Score from 1 to 10, with higher scores indicating stronger overall performance.
Co-op insurance for renters
Co-op insurance for renters, or renters insurance, is a must-have in NYC, where 69% of people live in a rental property.[3] This includes 140,300 co-ops and 191,100 condominiums, according to the 2023 New York City Housing and Vacancy Survey.[4]
Even if you don’t own the space you live in, renters insurance protects your stuff — like electronics, furniture, clothes, and dishes — and provides personal liability coverage. It also covers living expenses, such as a hotel stay, if something like fire or water damage forces you to relocate temporarily.[5]
Plus, renters insurance doesn’t only protect items inside your rental. It also protects you on the go, covering things like a stolen laptop from a cafe or missing golf clubs from your car. It’s affordable coverage that fills the gaps in the co-op master policy, so you can relax knowing you have protection wherever you go.
Understanding master policies
While co-op insurance covers your belongings, a master policy is the insurance your co-op board holds to protect the co-op building. It typically covers the structure itself and common areas, like the lobby, hallways, and elevators. The maintenance fees or association dues you pay to the co-op usually help cover the cost of the master policy.
In some cases, this policy extends to basic fixtures inside individual units, such as walls and floors. What it doesn’t cover can vary. Many master insurance policies insure the building’s bare structure, leaving you responsible for everything inside your unit, like kitchen cabinets, plumbing, and appliances.
It’s important to review what your building’s master policy covers so you can make sure your insurance policy covers what the master policy doesn’t.
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Who needs co-op insurance in NYC?
Anyone who owns a co-op apartment in the city should seriously think about getting co-op insurance. You might not have a choice — your lender or co-op board will likely require you to purchase this insurance coverage.
To figure out how much co-op insurance you need, start by tallying up the value of your possessions. Then, add any upgrades you’ve made to your apartment, like kitchen or bathroom renovations. If your master policy stops at the building’s bare walls, factor in the total square footage of your unit, number of rooms, and construction materials.
Be sure to include enough coverage to fully replace everything in a worst-case scenario. You can work with an insurance professional to estimate the amount of coverage you need or get a contractor’s quote, which the New York State Department of Financial Services recommends.[6]
What co-op insurance covers
Co-op insurance offers protection in several important areas. While coverage can vary by policy, here’s what it usually includes:
Personal belongings
Your co-op policy can protect your items from damage or loss. Your furniture, electronics, clothing, appliances, and other items you own fall under personal property coverage.
Interior upgrades and fixtures
If you made improvements to your co-op, like kitchen or bathroom remodels, updated fixtures, or custom renovations, your policy can cover these items.
Liability protection
Co-op policies tend to include liability coverage to pay for legal fees and medical bills if someone suffers an injury inside your unit, such as from a slip and fall or another accident.
Additional living expenses (ALE)
Also called loss of use coverage, ALE insurance picks up the tab for temporary housing, meals, and other costs if water damage, fire, or another covered event makes your home unlivable.
Wind damage and hurricanes
Co-op policies can protect against wind or hurricane damage, though you may have a separate deductible when filing a claim for this coverage.
What co-op insurance doesn’t cover
While co-op insurance provides great protection, it won’t cover everything. A few things policies typically exclude are:
Loss assessment: Unless the policy specifically mentions it, standard co-op insurance doesn’t cover your share of repairs to common areas, like the lobby or roof, if the co-op board passes those costs onto residents.
Flooding and earthquakes: Standard policies don’t cover property damage from natural disasters like floods or earthquakes.
Water backup: Co-op insurance typically doesn’t include damage from backed-up drains or sewers.
Maintenance issues: Routine wear and tear, such as leaky faucets or pest problems, can lead to issues that policies don’t cover.
Co-op insurance vs. home insurance: What’s the difference?
Co-op insurance is a type of home insurance. Both coverages protect your living space, but co-op insurance (HO-6) is specifically for co-op owners. It covers the inside of your unit, including personal possessions, upgrades, and liability. The co-op’s master policy handles the building’s structural elements and common places.
Homeowners insurance (HO-3) is for people who own the entire home, including the inside and outside structure. Home insurance policies protect the whole structure — roof, walls, and foundation — along with personal belongings and liability.
It boils down to one distinct difference. Co-op insurance limits protection to what’s inside the walls of your unit, while home insurance covers the entire home, from your front porch to your kitchen appliances.
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Optional co-op insurance coverages to consider
A standard co-op insurance policy covers the basics, but adding extra protection can make sure you cover all your bases. Here are a few coverage options you might want to explore:
Water backup coverage: This protects your unit from damage if water backs up through drains or sewers. Many companies allow you to add it to an existing co-op policy.
Flood insurance: A flood insurance endorsement might be available, depending on your insurance company. If you need a separate policy for flood damage, consider buying one from a private company or the National Flood Insurance Program (NFIP).
Earthquake coverage: Though rare in New York City, earthquakes are still possible. Earthquake coverage helps you avoid costly repairs if a quake hits your co-op unit.
Pet liability insurance: If you own a certain dog breed or exotic pet that standard policies won’t cover, this option provides liability protection.
Self-storage insurance: Your co-op policy might not extend to items you store in a self-storage unit. If it doesn’t, this coverage can protect those items.
Loss assessment insurance: This helps pay for your share of repairs to main areas if the co-op board charges residents. It can save you from handing over cash when shared spaces suffer damage.
NYC co-op insurance FAQs
Owning a co-op — or thinking about buying one — can bring up a lot of questions about what type of insurance you need and how much it costs. The following information can answer your remaining questions about co-op insurance in New York City.
Does NYC require co-op insurance?
New York City doesn’t have a law that requires co-op owners to purchase co-op insurance. But your co-op board and mortgage lender will likely require you to buy a policy. Even if it’s not mandatory, having coverage is a good idea to protect your belongings and finances.
What type of insurance do you need for a co-op in NYC?
You need an HO-6 policy for a co-op in NYC, also known as a co-op or condo insurance policy. This policy protects your personal items, covers any improvements you’ve made to your unit, and provides liability insurance if someone hurts themselves inside your home.
How much is homeowners insurance for a co-op in New York City?
Homeowners insurance for a co-op in New York City typically costs around $1,307 per year for $200,000 in coverage with a $1,000 deductible. Your actual rate depends on factors like unit size, location, and the amount of insurance coverage you need.
What does co-op insurance typically cover?
Co-op insurance typically covers the items you own, unit upgrades and modifications, liability, and additional living expenses if a covered peril makes your property unsafe to live in. You can also add optional insurance, such as water backup protection, loss assessment coverage, or higher policy limits for high-value items.
Amy is a personal finance and technology writer. With a background in the legal field and a bachelor's degree from Ferris State University, she has a talent for transforming complex topics into content that’s easy to understand. Connect with Amy on LinkedIn.
Amy has been a contributor at Insurify since September 2023.
3+ years experience in insurance and personal finance editing
NPN: 20564519
Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.
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