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Ian K. Katz Group

733 Third Avenue 15th Floor, New York, NY 10017
New York City: (646) 770-1132
Westchester: (914) 620-2686
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Walls-In Insurance

Boards of cooperative and condominium buildings in New York City generally obtain a master insurance policy for the building in its entirety.

This umbrella policy can protect all shareholders or unit owners against casualty/liability claims occurring within the building common areas, as well as against employee theft, board director misdeeds, boiler issues, flooding, financial omissions, and more.

What it doesn’t cover are issues within an homeowner’s apartment. To this end, a unit owner or shareholder should obtain a separate insurance policy to cover their property. This is crucial, and required by most banks and boards at closing.

Often called HO-4 for co-ops, HO-6 for condos, or “walls in” insurance in general, these policies protect against damage to neighboring units during renovation, liability for accidents to guests, leaks, and much more.

We connect our purchaser clients with insurance resources specializing in “walls in” underwriting for cooperatives, condominiums and luxury developments in our area to ensure there aren’t any gaps in coverage.

It is crucial that our clients’ policies are sensitive to local idiosyncrasies in the property market and feature policy declarations necessary to cover our clients for all scenarios and contingencies.