Condo Owners May Need
Additional Protection
An insurance policy provides
coverage for personal investments, structural improvements and
additional living expenses if you are the victim of fire, theft
or other disaster. But, according to the Insurance Information
Institute (III), condo owners need additional protection for
common areas for liability and physical damage.
When purchasing insurance,
III says it's important to find an agent or company that specializes
in condominium insurance.
This is because different
factors determine the level and kind of coverage needed. Sometimes
the association is responsible for insuring condo units, with
the owner responsible for alterations to the original structure.
In other situations, the condo association is only responsible
for insuring the bare walls, floor and ceiling.
Condo owners can find out
what part of their home is covered by condo association policies
by reading the organizations bylaws, or seeking the advice of
the association, an insurance professional or attorney.
Condo owners may also want to consider additional coverages including
water back-up, umbrella liability and flood or earthquake coverage.
In addition, a unit assessment
would reimburse a condo owner for their share of an assessment
charged to all unit owners as a result of a covered loss and
a floater would cover high ticket items such as jewelry or collectibles.
If you own a condo, call
our agency to make sure you have the proper coverage. Also, ask
us about potential discounts for installing a smoke or fire alarm
that can save you money.
