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With a Condo Insurance policy you don’t need as much insurance as on a house, but owners have more to insure than a renter.
The insurance needs for a condo owner include personal property insurance , liability insurance coverage , building insurance coverage, and loss of use coverage . Special policies for condo owners, known as form HO-6, will provide the liability insurance coverage and personal property protection a condominium owner needs. Having the proper Condo insurance policy in place in the event of a loss can be the difference between a hassle and a catastrophe.
Personal Property Coverage – Condo Insurance Keep in mind that in the event of a covered loss, your condo insurance policy will provide coverage for the following:
Will cover your belongings in the unit, which includes furniture, electronic devices, clothing, books, kitchen items & supplies, bedding, decorations and small appliances.
Liability Insurance – Condo Insurance
Will cover you against a suit brought against you in the event that someone gets injured at your home or if someone in your building sustains damage to their property as a result of a covered loss.
Building Insurance Coverage – Condo Insurance
Is also known as Improvements and Betterments Coverage. Most condos’ responsibility ends “at the paint;” therefore if your unit is damaged or destroyed, the condo is responsible to provide you with your space back after a repair or rebuild. This coverage will cover your major kitchen appliances, flooring, built-ins, bathroom upgrades, light fixtures, molding, trim, and woodwork.
Loss of Use Coverage – Condo Insurance
Provides alternate living arrangements if you are displaced from your home as a result of a covered loss. Keep in mind that the average cost of a annual basic condo policy is about the same as the cost of a one night stay in a New York hotel. A basic policy may provide enough coverage for at least 25 times that much.
As a condo owner, one needs to insure their personal possessions in the condo and any built in units such as cabinets, fixtures, appliances, and shelves. In addition to covering the personal property, a condo owner needs liability coverage. The liability portion of the policy would cover injures or damage to people or property for which the condo owner is liable.
Here are some things to consider:
- What are your ownership and insurance responsibilities in the condo association’s Master Deed (the insurance requirements the association expects from you)?
- Almost all associations have a master policy insurance that covers you for the actual structure and common elements such as a swimming pool or tennis court owned by all unit owners. The association documents and the master policy spell out very specifically where common areas end and where your unit starts. In some cases, for example, your unit may start inside the wallboard. In others, the wallboard may be considered part of your unit.
- Does the policy you are considering include broad water damage coverage for problems such as sewer and drain back-ups?
- Does your condo association provide comprehensive or blanket coverage to protect you against other condo owners who may not have adequate coverage?