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Real Estate Law Blog

September 2011

Master Policy and Insuring Your Condo or Co-op

The master policy provided by your condo/co-op board covers the common areas you share with others in your building such as the roof, basement, elevator, boiler and walkways for both liability and property damage.  If the roof of your condo gets damaged, for example, and water leaks into your unit, the master policy would cover the roof repair but not the individual repairs to your unit for damage to things like the ceiling, walls, carpets or furniture.  In addition to property damage, the master policy will have liability insurance for common spaces, such as lobbies, hallways and sidewalks.

Certificate of Occupancy

The purchase of a home is the biggest investment most people make in their lifetime.  To help ensure that you "get what you pay for," make sure that the home has a proper Certificate of Occupancy.

Unless the house was built prior to 1938, obtain a copy of the Certificate of Occupancy (CO), which describes the legal use and occupancy of a property.  To obtain a copy of a CO, visit the Department of Buildings in your borough or town.

Buildings constructed prior to 1938 are not required to have a CO.

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