Condominiums and townhouses have special insurance needs. While the condominium association insurance covers some of the building structure and common areas, the condo owner needs separate coverage for personal property and liability coverage. Special policies for condominium owners, known as form HO-6, will provide the liability and personal property protection a condo owners.
A condominium owner not only needs to insure their personal possessions in the condo, but also any built-in units such as cabinets, fixtures, appliances and shelves. In addition to covering the personal property, a condo owner also needs liability coverage. The liability portion of the policy would cover the condominium owner’s liability for injuries or property damage sustained by other people.
CONDO AND CO-OP INSURANCE MAY INCLUDE:
- Extra protection for additions and alterations you’ve made to your unit.
- Loss assessment coverage that protects you in the event that your condo association has a loss and attempts to the pass the resulting expense on to the condo owners
- Valuables and Collectibles coverage for high-value items such as jewelry, art and more
HERE ARE FOUR QUESTIONS TO CONSIDER WHEN CHOOSING A CONDOMINIUM INSURANCE POLICY:
- 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?
- Do you have expensive personal items such as jewelry or furs that you may need additional personal property coverage for?
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