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Aly is a reporter specializing in real estate, mortgages, and personal finance. You can find her work in Hearst newspapers and numerous financial publications.
Chris Schafer Senior EditorChris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.
Updated August 27, 2024
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If you’re buying a co-op property, you’ll want co-op insurance in place to protect your investment. Like home insurance or renters insurance, this covers your personal belongings and property damage to your specific co-op unit if a disaster, burglary, fire, or other event happens. It also includes liability coverage. [1]
Co-op insurance can offer valuable coverage and benefits for all co-op owners, but in many cases, your mortgage lender and co-op bylaws will require you to have it, too.
Here’s what to know about co-op insurance and the best places to find it.
Quick FactsMany insurance companies offer cooperative insurance, so it’s important to consider a few options to ensure you’re getting the best deal. Here are the top co-op insurance companies you’ll want to consider.
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.
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
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.
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.
Amica Mutual offers some of the lowest rates in the nation, according to Insurify data. Its average premium for $300,000 of dwelling coverage is just under $1,600 annually. The company offers a plethora of discounts and serves 49 states (all except Hawaii). Amica also has an A+ rating with the Better Business Bureau and one of the highest customer satisfaction ratings with J.D. Power.
Pros and consThe 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.
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
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.
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.
USAA is only available for military members and their families, but people who use the company are more than happy with the results. The insurer claims the highest score overall in J.D. Power’s Customer Satisfaction Study of national home insurance companies. It also has an A+ rating with the Better Business Bureau.
Pros and consThe 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.
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
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.
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.
American Family offers a combination of all the best features: low premiums, strong customer ratings, lots of discounts, and plenty of coverage options. The company’s premiums are among the lowest of all companies Insurify analyzed. It also has fewer complaints than average on the NAIC complaint index.
Pros and consCompare quotes from the nation’s leading insurers
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Based on 3,806+ reviewsIf you own a co-op unit, you probably need insurance on the home. Not only does it help protect your property and the belongings within it against damages, but your mortgage lender and possibly your co-op community probably require you to carry coverage.
You’ll want enough coverage to repair or replace anything not covered by your co-op property’s master policy, as well as your personal items in the home. You also may want additional coverage for things like unit assessments, water backups, floods, earthquakes, and more.
Co-op insurance covers largely the same items you’d get with a home insurance policy. These include:
Dwelling insurance covers the interior walls of your property and interior appliances and fixtures, like lights and countertops. It may also include updates and improvements you’ve done on the property.
Personal property coverage is for your personal belongings and contents within the home. If a covered event damages them, your insurance will kick in and cover their replacement.
Liability insurance covers you in case someone is hurt in an accident on your property or their personal property is damaged.
If your individual unit becomes uninhabitable due to a covered event, loss of use coverage pays for your living expenses in the meantime.
Co-op insurance may also cover medical payments — meaning medical bills that arise from an injury or other covered event on your property.
Co-op insurance won’t cover everything. Your coverages depend on your insurance company and location. Read the fine print of your policy, as many exclude:
Be sure to read your policy carefully to understand what it does and doesn’t cover and any other important details.
The main difference between co-op insurance and homeowners insurance is that one covers the entire structure and property — roof, garage, front yard, and more — while a co-op insurance policy just covers the interior of one specific unit.
Co-op insurance is a shared responsibility, with the master policy protecting the larger structure of the property and the individual owner policy protecting what’s within it. Homeowners policies are more comprehensive and cover both the structure and your belongings within it with just one policy.
When you own a co-op, you only own your unit in a larger community of cooperatives. For this reason, two insurance policies are typically in place: a master policy on the entire community and an individual policy that covers just your unit.
Master policies cover the common areas and features shared among all owners — things like the roof, elevator, stairs, sidewalks, parking lots, and more. They may also cover walls, floors, ceilings, and sometimes, original fixtures, though it depends on the property.
Beyond these basic elements, owners are typically responsible for any damage done. The applicable individual policies then cover these instances of damage.
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