Condo home owners are usually covered with some kind of home owner’s insurance coverage, but not all condo owners or homeowners have the same kind of coverage. Your condo home insurance is specifically designed to protect all of your personal property inside of your condo unit and is typically included in your condo home insurance. This includes furniture, electronics, carpet, wallpaper, washer/ drier, appliances and all other fixtures. Most condo owners will not see any need for a special kind of condo home insurance policy, but there are a few special circumstances that you should know about in order to make sure that you are covered properly.
One of the first things you should do is to talk to your condo association board and find out what kind of coverage they offer for your personal belongings inside of your condo unit. You may find that they do not have nearly as much coverage or may be limited to what is in the building. However, there is no reason to give up getting the coverage you need and it is often a good idea to check into the different kinds of insurance available. Talk to a few different condo associations and find out who has the best condo insurance policy for you.
There are a few main kinds of condo home insurance that you need to know about before making any decisions. The main type of coverage is to protect your personal belongings. Most insurance companies will not insure your belongings unless you have an extra large house extension. The good news is that the insurance usually covers these types of items at a discount. A general rule of thumb is that the larger your home is, the more you should expect to pay for insurance.
Another common type of coverage is to cover any damage or theft of your personal property because of fire or water damage. Sometimes the building you live in may not have smoke detectors and other precautions that would prevent the spread of fire or water damage. In these situations your insurance should cover any damage that was due to smoke, flooding or water. Condo owners should also be aware that certain condo policies may include payment for lost rental value if a dwelling is damaged due to fire.
Most insurance companies also offer coverage for liability claims. This means that if you slip, fall or hurt somebody outside your condo unit, you can file a claim with the insurance company. This is very handy for people who use their dwelling as a work space or who rent out their condo unit for income. These insurance policies usually provide coverage for legal fees, replacement of your belongings and repairs to your dwelling.
Condo dwelling coverage includes the contents of your dwelling, which can consist of furniture, appliances and electronic equipment. This policy usually covers your personal items and the majority of your living space. Most policies will not cover the attic, basement or exterior walls. Some will also not cover other structures located on or inside of your condo unit such as sheds and garages. You should check your policy thoroughly to ensure that everything that you own is covered.
Powells Insurance Company says that one of the best ways to protect your personal possessions is to buy a policy that provides coverage for loss of use. This means that if your personal possessions are destroyed, you will be paid the replacement value, even if they are totally useless. This type of insurance is known as the depreciation method of insurance. If you live in a condominium and the owner agrees to this coverage, you should inquire about it. A lot of condo associations insist that all owners purchase this policy because it will help them manage their resources in the case of a disaster.
The last thing you should know about condo insurance is that it covers a common area. In other words, it covers the areas that a lot of people use, such as hallways and elevators. Some policies, such as those from HESI, also covers private roads, fencing and trees within the association’s common area. In the event of a fire, some policies will cover up to several thousand dollars for medical expenses and damage to personal belongings.