![]() Imagine the cost of repurchasing all of your furniture, clothing and other personal possessions. Make sure your possessions are adequately insured If you own a co-op apartment or condo – check with your management company and the bylaws to understand what is covered under the building's master insurance policy versus what damages you need to cover in your own co-op or condo owners insurance policy.Get to know all of the exclusions in your policy and either talk to your insurance professional about purchasing separate coverage, or be prepared to pay out of pocket for the damages that are excluded in your policy. If you live in a flood zone or a hurricane-prone area, a separate flood insurance policy is a must.Īnother common exclusion is sewer backups (which is also not covered by flood insurance) Sewer backup insurance is also good to have in hurricane-prone areas. People tend to underestimate this risk, but 90 percent of all natural disasters-especially hurricanes-include some form of flooding. However, all policies also list exclusions, which are events NOT covered by the policy. ![]()
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