Condo Association Management Blog

Why Condo Association Insurance a Must Have?

 Email Article |  Twitter |  Facebook |  digg it |   delicious |   StumbleUpon |   LinkedIn |   Technorati |  reddit 

• What is covered? Some master policies cover to the walls of your unit but you are responsible for fixtures and additions. Some cover the fixtures and additions.
• What is the deductible? The deductible is the amount you might be assessed to pay if your condo association files a claim on the master policy.
  

Once you know what you might be liable to replace in the case of fire, hurricane or other destructive event and you know the deductible you might be liable for, you need to calculate what it would cost you to rebuild uncovered items. Again, depending on your master policy, this could include cabinetry and flooring. But in addition to these, you need to have coverage to replace your personal possessions such as clothes, electronics, and decorative items. This can run into tens of thousands of dollars. Be sure to have a good inventory of your personal possessions so that the claims process is made easier.

The master policy should have coverage for flood and wind damage. But is it enough if there is damage to your unit and are you certain it is there? Flood insurance is available through the government. Also, be aware that flood damage is different from water-backup damage. Make sure your condo insurance policy covers you for the right cause of damage. Personal liability coverage is also a must and must be gauged to the liability coverage on the master policy. In most cases, you are responsible for accidents in your unit.

All major property and casualty insurers offer condo association insurance. Most have an online presence where you can get a quote and compare rates. Put the Internet to work for you buy comparing many firms in the marketplace and let competition do its work. If you are choosing among sound companies, find the best deal. But make absolutely certain that the coverage you are getting meets the needs of your personal circumstances.

 Learn about HOA Loans