Condominium Insurance

Condo Insurance
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Condo Insurance
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Condo owners face two types of condominium insurance. First is the owner's policy, which will be needed to cover all personal belongings and structural upgrades, like new appliances and hardware. Second is the condo corporation's policy. Owners must be sure that the condo itself has insurance. Their insurance policy will cover the condo's building and property, which ultimately affects you, the condo unit owner.

Condo owners must be insistent as to what the condo insurance policy covers. Many times, owners assume that the condo insurance will cover all damages, but this is not always the case. Be sure to read the condo insurance policy; it is available to condo owners upon request. It is a good idea to take notes about what you own versus what the condo owns. After distinguishing the grey areas, be sure to obtain coverage on the structural components you are responsible for.

Many condo owners do not know what they are responsible for until it's too late. This can affect you as well. For example, if water leaked from the unit above you, that unit will have to pay. If they were not aware of this, it could cause headaches for everyone involved. Many times, occurrences like this result in a circle of finger pointing. It is always better to be prepared for instances like this instead of dealing with frustrated residents after it happens. The more you know about the condo board's insurance, the better. This will help you better custom your own policy.

Condo owners may also obtain unit assessment insurance. This type of coverage will cover any cost to you, including mandatory replacements and damage beyond what the condo's insurance company will pay. For example, if the condo balconies need to be replaced, it is usually at the cost of the condo owners. This is because many condo boards obtain an 'actual cost' insurance plan rather than a 'replacement cost' plan. Therefore, the condo will pay the actual cost of the balconies but not the additional cost of replacement. A unit assessment insurance policy will cover your portion of this cost.

Owners can check if unit assessment insurance is necessary by looking at the condo's insurance policy. If their insurance pays actual cost rather than replacement cost, then you should obtain unit assessment insurance. In addition to condo insurance, condo owners may want to consider liability coverage and title insurance.