{"id":7913,"date":"2016-01-08T11:55:28","date_gmt":"2016-01-08T19:55:28","guid":{"rendered":"http:\/\/add-vodka.com\/?p=7913"},"modified":"2017-02-28T11:04:30","modified_gmt":"2017-02-28T19:04:30","slug":"how-to-insure-your-condo","status":"publish","type":"post","link":"https:\/\/add-vodka.com\/how-to-insure-your-condo\/","title":{"rendered":"How to Insure Your Condo"},"content":{"rendered":"
As a condo owner, your condominium complex\u2019s master policy does provide some insurance coverage for the common areas, and liability claims for mishaps that are likely to occur in these areas. However, there may be huge discrepancies in what is covered by a master policy in one complex compared to the next one. To ensure that your unit and possessions are adequately insured, you need to understand what the master policy covers and what it doesn\u2019t cover. Once you understand this, you can purchase a condo unit owner\u2019s policy that will cover the gaps in between.<\/p>\n
So let\u2019s take a look at how to insure your condo below.<\/p>\n
The Individual Condo Insurance <\/strong><\/p>\n As a single-family homeowner, you are solely responsible for the entire structure and its contents. The standard home owner\u2019s insurance policy covers several hazards including:<\/p>\n In contrast, as a renter, you are not financially responsible for the building. Traditionally, you are not even responsible for fixtures in your unit. If a fire destroys the building, you are not expected to purchase new bathroom fixtures or kitchen cabinets. Renters insurance covers clothing, furniture and other personal possessions, but it also offers protection against other perils under homeowners insurance including personal liability and loss of use.<\/p>\n Condo insurance does cover personal liability and loss of use as well. The difference between condo insurance and renters insurance is that with condo insurance you are responsible for some of the interior components in your unit, but it depends on your building\u2019s master policy stipulations. Condo insurance differs from homeowners insurance in that you are not responsible for structural components; these instead are covered by your condo association\u2019s master policy. However, the policy may vary from one condo complex to the next, so make sure you read through it before purchasing, even when moving from one condo to another.<\/p>\n What is covered by the condo master policy?<\/strong><\/p>\n You are most likely paying a monthly homeowners association (HOA) fee as a condo owner. Part of the fee goes towards purchasing the master policy, which insures against physical damage to the common areas in the complex and personal liability claims due to accidents that occur in the common areas.<\/p>\n Common areas are those parts of your building that you share ownership with other condo owners like swimming pools, community rooms, athletic facilities, community landscaping, elevators, lobbies and hallways. The master policy also covers exterior walls, roofing and other exterior structures.<\/p>\n\n