Making Sense Of Condo Association Insurance
Making Sense Of Condo Association Insurance
Condo living is a wonderful way to keep expenses down while still being able to enjoy perks and benefits you may not have been able to afford otherwise. There is a sense of shared community unrivaled in any other type of living arrangement. A mix of shared and personal areas creates a sense of community and fellowship, while still allowing for the privacy we need. It's a beneficial living situation which brings with it a need for specific insurance coverage - condo association insurance.
First and foremost, it is important to review the agreement you entered into when purchasing the condo. Your agreement should document for you the types of insurance you are required to carry, as well as detailing which areas are common to all residents, and which are considered your personal property. It's important to find an agent who specializes in providing policies specifically for condo owners and condo association insurance. These agents are experienced in your particular situation, and can provide you with a wealth of knowledge about the type of policy you need and what will be covered under which circumstances. They can be immensely helpful in determining your specific insurance needs and are great at identifying issues that a resident could easily overlook.
Condo association insurance is coverage for what the association owns collectively. You may need a separate policy to cover your personal items, or you may be able to add this coverage to your insurance package. Your insurance agent will be able to help in this area. Condo association insurance focuses on those common areas and may be divided into three distinct categories of coverage, detailed as follows:
-Bare walls This is coverage for common areas such as stairwells and hallways. This usually excludes property within the condo unit itself - there's separate coverage for that.
-Single Entity This coverage includes areas within the unit that were built into the units. This refers to things like counter tops, cabinets, walls - anything built into the unit's original specifications.
-All In This will include the interior of the unit, as well as any improvements or upgrades you have made to the unit. This does not include your personal property such as clothing or furniture.
Your coverage may further be divided into more categories depending on what is required by the Association. You may also need coverage for your personal property, or any other items your agent identifies that are not covered in the Association policy.
Your policy will detail the circumstances under which it will provide coverage. For instance, a fire that begins in one unit and spreads to a shared hallway will create a different insurance situation than, say, a fire that occurs solely in a common area. Also, the policy should make clear the amount of the deductible; you condo association policy will determine how (and by whom) that deductible is paid and under which circumstances. A tree branch that falls and caves in the roofs of two units will be treated differently than if that same branch damaged a carport or landed in the pool. A roof replacement made necessary by regular wear would be yet another distinct situation.
The same factors that make condo living a care-free, community oriented lifestyle also create a complex insurance situation. For this reason it is crucial to find an insurance agent who is familiar with condo living and the issues condo owners face. Navigating the insurance industry and policies is a difficult task under the least complicated circumstances. With a bit of knowledge beforehand, as well as a trained insurance professional on your side, you can feel free to benefit from all condo living has to offer worry-free.
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