Maxwell-Kates, Inc. has expanded in its real estate services to include its new division, MKI Insurance Brokerage, Inc. Equipped with long standing relationships with leaders in the insurance industry, be assured you will receive the most desirable and comprehensive coverage at the most competitive rates. Through aggressive marketing and negotiating techniques, MKI Insurance Brokeage Inc. will interview brokers as well as carriers to obtain the best possible package that suits the needs and expectations of our clients. If you would like more information regarding our insurance affiliate, please contact Max Freedman at (212) 684-8282, extension 6656.

• Your own insurance policy.
This provides coverage for your personal possessions, structural improvements to your apartment and additional living expenses if you are the victim of fire, theft or other disaster listed in your policy. You also get liability protection.

• A “master policy” provided by the condo/co-op board.
This covers the common areas you share with others in your building like the roof, basement, elevator, boiler and walkways for both liability and physical damage.

To adequately insure your apartment, it is important to know what structural parts of your home are covered by the condo/co-op association and what are not. You can do this by reading your association’s bylaws and/or proprietary lease. If you have questions, talk to your condo association, insurance professional or family attorney.

Sometimes the association is responsible for insuring the individual condo or co-op units, as they were originally built, including standard fixtures.

The individual owner, in this case, is only responsible for alterations to the original structure of the apartment, like remodeling the kitchen or bathtub. Sometimes this includes not only improvements you make, but those made by previous owners.

In other situations , the condo/co-op association is responsible only for insuring the bare walls, floor and ceiling. The owner must insure kitchen cabinets, built-in appliances, plumbing, wiring, bathroom fixtures etc. Ask your insurance professional about the following additional coverages.

• Loss assessment rider.
This reimburses you for your share of an assessment charged to all unit owners as a result of a covered loss. For instance, if there is a fire in the lobby, all the unit owners are charged the cost of repairing the loss.

• Water back-up.
This insures your property for damage by the back-up of sewers or drains. Water back-up may not always be included in a policy. Check to see that it is included.

• Umbrella liability.
This is an inexpensive way to get more liability protection and broader coverage than is included in a standard condo/co-op policy.

• Flood or earthquake.
If you live in an area prone to these disasters, you will need to purchase separate flood and earthquake policies. Flood insurance is available through FEMA’s National Flood Insurance Program. Both flood and earthquake insurance can be purchased through your insurance agent.

• Floater or endorsement.
If you own expensive jewelry, furs or collectibles, you might consider getting additional coverage since there is generally a $1,000 to $2,000 limit for theft of jewelry on a standard policy.

This endorsement will reimburse the insured for increased living costs when loss of his/her property forces the Unit Owner or Shareholder to maintain a temporary residence elsewhere. (hotel or motel expense, extra cost for restaurant meals, etc.)

In most cases, you want to insure your dwelling and its contents for their replacement values, which will likely differ from the dwelling’s market value and your personal property’s depreciated cash value. You should also probably get a policy with automatic inflation adjustments so that the replacement costs keeps pace with the general level of price increases.

When purchasing insurance, it is important to find an agent or company that specializes in condominiums or co-ops. Also don’t forget to ask about all available discounts. You can reduce your rates by raising your deductibles and by installing a smoke and fire alarm system that rings at an outside service. If you insure your unit with the same company that underwrites your building’s insurance policy, you might also get an additional reduction in premiums.