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Condo And Co-Op Insurance

Condo And Co-Op Insurance - What Do You Need?

It is mandatory for the bank to insure its investment in your home when you buy a condo, however, if you need to cover you personal effects or any liabilities, you may need to get yourself more insurance. In this case, there are two policies you may have to purchase to cover your investment. They are the following: Personal insurance policy: when you get this, you can be guaranteed of coverage for all your personal property and any structural improvements to your condo may have been made. In case of a disaster at your condo, your additional living expenses are also covered for. Liability protection would come with this package to protect you from lawsuits when you cause harm to other people. Master policy: this is provided by the condo board and covers all the areas of your condo you may be sharing with your neighbors. These include roofs, elevators, walkways and basements in case of any physical damages or liabilities. Before you purchase insurance however, it would be a good idea to assess the bylaws of the association you are going to be insuring with. This will help give you a deeper insight on the parts that are going to be covered by the condo association and the ones you are supposed to cover on your own. You may seek more advice from a professional, your family attorney or condo association. If you are a lucky owner, your association will be responsible for insuring the entire condo as they were built. In this case, as the owner, you are only liable for the areas that may have been remodeled in your condo like the kitchen or the bathroom. These improvements could also include those that were made by the previous owners. In some cases, when you are not so lucky, your association will only be liable for ceilings, walls and floors. This is the scenario where, as the owner, you have to insure all the built-in appliances. Whenever you talk to your insurance professional about some of these options, do not forget to inquire about these coverage’s: Unit assessment: in case of any loss, for instance a fire, all the neighbors may be required to pay for the repair costs. With this coverage, though, for every payment you make as part of this assessment, you will be reimbursed. Water back-up: drains and sewers may be a nuisance in your condo but with this coverage, you may not have to worry about the damages that would result from their break down. Inquire early enough if it is included in the package you would like. Umbrella liability: for the standard co-op policy, this offers a broader liability coveager at a lesser price. Endorsement: in the standard policy, you may have your expensive jewelry pieces or fur covered by paying an additional coverage of $1000-$2000. Earthquakes or floods: it is important that if your condo is in a flood or earthquake prone area, you buy separate coverage that will pay for damages when they strike. All in all, it may be very helpful for you before buying your package to find an insurance professional for condominiums to discuss the details with. Also, keep your ears open for any discounts that would help you save money on your insurance.

Here’s a video explaining condo and co-op insurance

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