Why you need personal condo insurance – condo insurance agent near me
Why you need personal condo insurance :
Why do you need a separate condo insurance coverage when your condominium building has its own coverage? The reason for this is that the insurance coverage for your building normally includes both the structure and common property, such as the lobby, elevators, gardens, pool, and gym.
What is not covered?
- Personal belongings inside your unit
- Improvements you’ve made to the unit
- Liability coverage if claims are made against you personally
What is covered by condo syndicate insurance?
You own your condo unit and your personal items within it in a condo building; the remainder is community property controlled by the condo syndicate. Even your balcony and storage locker may be considered condo syndicate property, although they are reserved for your use only.The building and shared amenities are covered by the condo syndicate’s insurance coverage. The premiums are included in your monthly maintenance expenses as a unit owner.
A condo syndicate’s insurance coverage often covers the following:
* Structures and buildings
* Lobby, hallways, stairs, roof, garage, and drives are examples of common property.
* Floor and wall coverings, as well as electrical and plumbing fittings, are standard building fixtures.
* The cost of repairing or replacing common property that has been destroyed by a covered risk like fire or theft.
* Liability insurance for the condominium syndicate to cover medical and/or legal costs in the event of an injury in a common space.
Condo insurance for individuals :
Your personal condo insurance policy can cover anything not covered by the condo syndicate insurance policy. A typical policy might include the following:
All-Risk Condo Insurance
Protects your personal belongings from loss or damage caused by fire, theft, vandalism, windstorms, smoke, and water damage caused by a burst pipe. It also includes:
Upgrades and enhancements to your condo:
Coverage for the cost of repair or replacement if the upgrades you’ve made are damaged (such as flooring, fixtures or kitchen cabinets). Notify your insurance company of the improvements.
Spills or breakage are examples of unintentional harm.
Additional living expenses: You’re reimbursed for relocation fees and increases in your usual household expenses until your unit is restored if substantial damage is caused by an insured risk.
Personal Liability :
This protects you and the individuals who live in your condo unit (whether you are on the property or not) from any claims for physical injury or property damage caused to others accidentally – for example, fire damage to a neighboring apartment. The majority of consumers choose liability insurance of at least $1 million.
Optional coverage worth considering:
- Sewer back-up
- Helps cover the cost of repairs if a property’s drainage system overflows, it could flood the condo unit.
- Above ground water damage
- Helps cover the cost of repairs if water suddenly entered a condo unit from a severe weather event, such as heavy rain.
- Swimming pools or hot tubs
- Also cover equipment, accessories and patios connected to your pool or hot tub (they do not cover patios attached to your residence).
- Damage is not typically covered, and there may be limitations to theft coverage if you are renting out your unit.
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