Condo associations have insurance to protect the property, common areas and the structure of the building. These policies do not cover your personal belongings. This is where condo insurance comes into play, which is different from homeowners insurance.
At Neckerman Insurance Services, we understand there’s nothing more personal than insurance that covers your home, your car and your valuables. As an independent insurance agency, we can quote your insurance with a number of different companies. Because of this, we are positioned to provide the most competitive condo insurance policies in the marketplace.
Your Responsibilities vs the Condo Association’s
Making sure that your condo is properly covered begins with a thorough reading of your condo documents (i.e., by-laws, provisions, regulations, etc.) It may help to have your agent review the papers, paying close attention to items such as:
- What property is your responsibility to insure – the internal walls, appliances, your detached garage?
- What is the potential for loss assessments?
- Does the association or corporation insure common property at its replacement value?
- What is the association’s deductible?
- Are you obligated to add any extra coverage or limits?
It’s important to keep a home inventory to determine the level of coverage you need for your possessions.
Condo policies generally cover the following:
- Real property: coverage for the structural part of the condominium you individually own such as interior walls, appliances, fixtures, plumbing, ductwork, wiring, carpeting, flooring, possibly private garages, and permanent improvements you make to the property.
- Personal property: possessions that are portable such as clothing, furniture, toys, books, objects of art, home electronics, computers, etc.
- Loss assessment: required contributions that members make for the repair or replacement of property that is owned in common.
- Additional living expense: covers the additional cost of temporary housing, food and other increased costs of living when you are forced from your condominium by a fire or other covered cause of loss.
- Liability coverages: covers you for your negligence in injuring other people or property on your premises (those accidents for which the condo association is not responsible) or through actions related to many of your hobbies. The policy also provides defense coverage, including hiring and paying for a lawyer (if necessary) and paying most court costs.
- Medical payments: coverage is for minor injuries to people other than residents of the household and the payment does not require a lawsuit.
Do you need answers about whether you have proper coverage? Contact us at Neckerman Insurance Services for more information.