It should be easy (and cost-free) to make the switch and insure your new apartment, though you're likely to have to get a brand-new policy, say our experts.
"While some insurers can make the switch under your existing policy, most will have you cancel and rewrite the policy when you sell and become a renter," says Jeff Schneider of Gotham Brokerage. This is because the contracts for co-ops and condo versus rental insurance are slightly different; the main difference is that when you own, the internal structure of the apartment is covered.
However, Schneider notes that your insurer should be willing to cancel your old policy on a pro-rated basis, and that there shouldn't be any kind of penalty fee in order for you to make the switch.
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