Asked and AnsweredDo I need a home owner’s insurance policy for my apartment at the time of my closing?
Yes. In most cases, your bank will not require you to have insurance coverage for the improvements to the apartment or to protect against possible liability. The bank relies on the insurance coverage maintained by the cooperative or condominium. That insurance doesn’t protect your personal property or protect you if someone gets injured in your apartment. How much insurance you should carry and other particular features of the coverage are questions for your insurance broker. Make sure you have a policy in place on the day of the closing.