What Does Your Condo Association's Insurance Policy Cover?

If you own a condo or co-op, you want to protect your assets. Make sure that the condo board or organization has a policy that covers the common areas, and acquire a copy. It is also a gander at the association rules to get a good sense of what the house you will need to have covered. This is usually from the drywall in. The condo owners need their contents policy to cover things like cabinets and furniture, they need more insurance than most other renters. Sometimes the leniency is granted if you go with the same company that wrote the policy for the condo association. In addition, they were obviously familiar with what they cover, so you will know what you are selling.

Consider the coverage, too, for review. If the condo association policies are not comprehensive enough to cover any loss, or if there is a substantial deductible, the association will share the additional costs between the members in the structure of the evaluation. With assessment coverage, your insurance company will pay the tab.

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

Typically, insurance covers damage to your home and possessions against certain hazards by name, such as fire, lightning, explosion, storm, hail, riot, civil disturbance, theft, vandalism, smoke, falling objects and damage from aircraft or vehicles. Covering your personal property is something that should always receive special attention in a condo or renters policy. While the price of carpeting, furniture and appliances are usually easy to calculate things such as jewelry, computers, and antiques can be very individual. All individual values ​​should be discussed with your agent, if judged necessary and what is shown on your policy.

It is also a fine idea to know what you are buying and what you can expect if disaster strikes. Get a replacement for insurance, rather than actual cash value coverage, which is the bare minimum. Replacement insurance replaces items in the current costs. Otherwise, you will be reimbursed for what you paid for 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 candles set fire to his home, could be odgovorni.Stanodavac or association may have insurance coverage, but if you are careless, they might 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 example, fire. It is usually part of the personal property limits of the policy, about twenty percent.