A Primer on Condo Insurance
Opting to obtain good condo insurance coverage is a great idea if one wishes to partake of the perks that condo home ownership extends, namely living without the hassle and time needed for such tasks as general maintenance for exterior areas and for the use and upkeep of common areas that all residents enjoy. In general, condo associations will have their own master policy, which will not cover any of a condo homeowner’s personal belongings, interior fixtures, appliances and more. Finding the proper coverage to fit one’s needs is a vital decision for the condo owner so as to financially protect all that has been accumulated over the years through one’s hard work.
About the HOA (Condo Association) Master Policies
The condo association or HOA will normally have a master policy in effect that will protect the building owner’s interest by covering the structure itself, exterior features and common shared areas. The common areas often include swimming pools, decks and patios, elevator and boiler rooms, rooftops and more. Some master policies will also extend coverage to a condo’s floors, ceilings, and bare walls. It is therefore important that the homeowner become familiar with all the details of the associations’ bylaws and existing policy coverage before purchasing condo insurance coverage. This will ensure that you have the proper insurance policy that will protect your personal property and the interior of your condo home. Condo coverage can sometimes be tailored to protect the policyholder from water damage, injuries happening inside the unit, (and other forms of liability exposure), burglary, vandalism, etc.
More Details about this Coverage
Condominium insurance protection extends coverage for personal liability, which gives protection to a policyholder should a person be hurt in your unit and then files a lawsuit. The personal property aspect of this coverage safeguards a variety of things found in one’s condo home while the building property protection provides coverage for condo walls and the condo interior. The policyholders can also enjoy several discounts including multi-line price cuts, Internet discounts, automatic pay pricing, loyalty discounts, and relatively inexpensive premiums by opting for higher deductibles.
Good condo insurance policies are provided by insurance providers everywhere in the USA and with HOAs as well. It is suggested that condo owners look into repair and replacement costs of all their personal belongings prior to purchasing a policy. It is important to ensure that one has enough coverage in the policy to handle costs that result from any accidents and other forms of covered losses.