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Condominium Owners Need Condo Policy Coverage

cds-4Every condominium owner needs condo policy coverage of their own to cover the personal affects and personal property, not to mention all the other items in the interior of the unit. If you don’t buy a separate insurance policy you’ll likely be out of luck if your condo happens to be in the wrong place at the wrong time.

The needs of condo owners are different from homeowners. The owner of a condo needs to straddle the difficulty of knowing what his or her insurance does and does not cover. Homeowners have it easier. Homes are generally covered inside and out.

A general rule for condominium owners to keep in mind is they are responsible for the contents within their condo. The condo association is responsible for holding a “master policy” to cover common areas, such as pools, lobbies, and building exteriors.

Condo owners are usually responsible for fixtures in the kitchen and bathrooms, appliances, wiring, and other elements inside of their condominium. Read the master policy to figure out where the condo association’s responsibility ends and where the owners begins.

Slash Your Home Insurance Premiums. Search for Lower Rates You might also want to check on what the condo association covers in case of accidents, which will give you an idea of the coverage you need to have. This will also show you who issues your condo association’s master policy. If you obtain insurance under the same company you may be eligible for a discount.

Other things to keep in mind are insurance riders in case of floods and earthquakes, which are not usually included in standard policies. They need to be added as endorsements or separate policies. You may also want to check to make sure water back-up is included in your condo associations’ policy. If your property is damaged by backed-up sewers or drains this policy would protect you from paying to fix it.

Condo owners should consider looking into an insurance policy to find what needs to be covered. Most policies for condo owners come with liability, theft and fire. But covering that beautiful new marble countertop you just installed can be of paramount interest along with an insurance floater for your expensive jewelry or collection of baseball cards worth $10,000.