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What Does your Condo Association's Insurancy Policy Cover?

By: Brad Swanson

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If you own a condo or co-op, you want to protect your property. Make certain that the condo board or organization includes a policy that covers the common areas, and acquire a copy of it. Also take a gander at the association regulations to get a good sense of what portions of the home you will need to have covered. It is usually from the drywall in. Since condo owners require their contents policy to cover belongings such as cabinets and furniture, they need more insurance than most other renters. Sometimes leniency is granted if you go with the same company that wrote the policy for the condo association. In addition, they are obviously familiar with what they cover, so they will know what to sell you.

Consider coverage, also, for an assessment. Should the policy of the condo association not be extensive enough to cover any loss, or if there is a significant deductible, the association will split the additional costs among the members in the structure of an assessment. With assessment coverage, your insurance company will pay the tab.

Homeowner, condo and rental insurance policies do not cover damage caused by natural disasters such as an earthquake, however coverage can be purchased as an endorsement or a separate policy. And just because you do not own the roof over your head does not mean you do not need protection against the storm. If the condo roof blows away in a storm, the association will fix it, but they will not replace your rain wrecked items. If you want insurance from accident, damage, or theft or other setbacks that could bring financial ruin, you are on your own. If the day comes that you need it, condo or renters insurance will be a real lifesaver.

Typically, insurance covers damage to the dwelling and your possessions from certain named dangers, such as fire, lightning, explosion, windstorm, hail, riot, civil disturbance, theft, vandalism, smoke, falling objects and damage from aircraft or vehicles. Covering your personal property is something that should always get particular attention in a condo or renters policy. While the cost of carpeting, furniture and appliances is usually straightforward to calculate, things like jewelry, computers and antiques can be very individual. Anything of individual value should be conversed about with your agent, appraised if needed and shown in your policy.

It is also a fine idea to know what you are buying and what you can expect if disaster should strike. Get replacement insurance, not actual cash value coverage, which is the bare minimum. Replacement insurance replaces items at current costs. Otherwise, you will be reimbursed what you paid with cash value coverage, and depreciation is excluded because they are considered used. Of course, do not forget to include liability coverage. If an electric light or roman candle sets your home on fire, you could be held liable. The landlord or association might have insurance coverage, but if you are negligent, they could come after you. Also, consider buying coverage for loss-of-use, which covers the cost of temporary accommodation if your new condition requires you to be away from your home by, for instance, a fire. It is usually a fraction of the personal property limits on your policy, about twenty percent.

Article Source: http://depositarticles.com/

This article was brought to you by Southern Insurance Group. They are a true independent agency that will shop for your homeowner coverage with over 25 of the top insurance companies throughout the industry. If you have additional questions about the pros and cons for condo insurance, you can check out these sites for more info. Visit Condo Insurance Clermont or Please Rate this Article

 

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