What You Need to Know before Getting Condo Insurance
Condo Insurance can keep your buildings safe. If you have purchased a condo or co-op, the bank will require insurance to protect its investment in your home. You may, however, need more insurance to cover your personal items, liability or fees that may be charged to you regarding shared areas of the building like the lobby.
You will need two separate policies to protect your investment:
Your own insurance policy.
This provides coverage for your personal possessions, structural improvements to your apartment and additional living expenses if you are the victim of fire, theft or other disaster listed in your policy. You also get liability protection.
A condominium insurance provided by the condo/co-op board.
This coverage covers the common condo areas you share with others in your building like the roof, basement, elevator, boiler and walkways for both liability and physical damage.
To adequately insure your apartment, it is important to know which structural parts of your home are covered by the condo/co-op association and which are not. You can do this by reading your association’s bylaws and/or proprietary lease. If you have questions, talk to your condo association, insurance professional or family attorney. Sometimes the association is responsible for insuring the individual condo or co-op units, as they were originally built, including standard fixtures.
The individual owner, in this case, is only responsible for alterations to the original structure of the apartment, like remodeling the kitchen or bathtub. Sometimes this includes not only improvements you make but those made by previous owners. In other situations, the condo/co-op association is responsible only for insuring the bare walls, floor, and ceiling. The owner must insure kitchen cabinets, built-in appliances, plumbing, wiring, bathroom fixtures etc.
What Is Average Condo Insurance?
There are no average condo insurance costs due to the reasons you can guess. First of all, condos are some of the most versatile properties you can find today. They can be priced very low or exceptionally high. Condo insurance should increase or decrease its coverage options based on what is at stake.
Regular protection from theft and fire would not be sufficient in some cases, you know. Therefore, trying to save money while buying condo insurance is not the best idea. Instead, you should understand the extent of protection you need and find an insurance provider that can meet your requirements.
For instance, if you want to bring some extra elements to the coverage, you can do that when you build a flexible insurance package for your condo.
Also, ask your insurance professional about the following additional condo coverages:
Let the Commercial Property Insurance Agency, help you understand and protect all of the risks you run and all of the perils your business faces. We will do this with a well thought out and executed business insurance policy designed just for our Condo Insurance policyholders.
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