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Insurance:
Condominiums/Associations Residents
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Quite often, the association entity takes
responsibility for insuring certain kinds of damage to the dwelling. When
this happens, a unit owner policy is typically written to insure/cover the
owner of the dwelling/unit.
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Similarities to a standard home owners
insurance:
1.Protects from loss of personal property from theft, fire or other
specific causes.
2.Protects your assets in cases of liability, injury, at home or away. |
Master Policy:
Insures basic structure, walls, roof, elevators, floors. The unit owner is
responsible for everything from paint in: rugs, cabinets, appliances, bath
fixtures and sometimes even the walls.
Sometimes the blanket policy can cover the interior excluding personal
property. |
Differences:
Helps meet obligations from shared responsibility with homeowners
association.
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Condominium
Personal Property Coverage
Photographs from each corner of your condominium home are the
best...keep copies outside of your home...and make an inventory of your
belongings as well.
Make sure you have an inflation guard feature-one that automatically
increases coverage for your belongings.
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Condominium Owner's Policy covers:
1. Items not covered by association's policy
2.Alterations or improvements made by you at your expense
3. Upgrades added by you as owner:an upgraded carpeting/padding, lighting
fixtures beyond the norm
4.May cover deductible not compensated under master policy |
Check to see what is covered and what
isn't... most often your belongings will be covered at home or away from
home from several specific causes, such as:
- Fire or lightning, falling objects, windstorm or hail, weight of
snow or sleet, theft, accidental discharge or overflow of water,
explosion, riot or civil commotion, accidental disbursement of heating
systems powered by hot water, aircraft, vehicle damage, smoke damage,
freezing, vandalism or malicious mischief, artificially generated electric
current
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Guests property would be covered in most
cases.
Floods and earthquakes are generally not covered
Deductibles would apply.Increasing the amount of the deductible can lower
the cost of your insurance.
Special Limits of Liability would apply for jewelry, coin collections,
stamps, computers, etc. If you require higher limits, consult with your
agent. |
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Insurance: Condominium? |
