subject: Condominiums & Insurance: An Important Combination [print this page] With every real estate property, insurance scheme has great association, as it widely helps financially at the crisis. These days, the concept of condos and townhouses is extremely popular in the market. Condominium association's policy although covers loads of policies, but still one needs to be precautious with the insurance matters as many a times there is gap in personal cover and unit cover. So, here are certain things about insurance and condominiums discussed which one must know before investing in any unit.
First thing that one must know is that the condo association policy only covers the buildings structure, common areas, and very few common furnishings like carpeting and decorative furnishings. This why, at the time of investing in any of the condo property, one must enquire about the type of insurance covered by the building and related personal injury or property destruction or loss.
One also has to check upon the personal possession and title insurance matters as well. By not doing this, there is a risk of penalty on any of the mistake of the previous owner.
While getting the policy covered, one has to ensure that all the property is covered. For this, one has to assess the cost of personal possessions & furniture items, so that if any miss happening occur, then one can replace them with the coverage.
Taking insurance coverage of issues caused due to water utility is also a matter of concern. Water supplied through pipelines across different units in the condo might cause damage to the units. In such situations, the owners also would have to contribute in repairing & maintenance fund, if there is a shortage. Therefore, the condo owners should make sure that the insurance cover such issues as well.
Knowing about the floater coverage is also important for condo owners. If one keeps valuables or collectables at home, then getting floater coverage is beneficial in cases of damage or theft.
Various condo association insurance policies excludes damage caused due to natural calamities like earth quake or flood. One must consult about such sections as well, before investing in the condo.
There is another facility of Additional Coverage that condo owners can avail. The additional coverage although requires serious thought process for deciding, which is right or wrong. This caters to various things in case of property and theft.
Many a times, it has been seen that condominium agreements are blurred about cover requirements and deductible valuations. So, it is a sole responsibility of the owner to consult about each and every issue related to legal liabilities of condo.
In Singapore, there are various condo projects at various locations. Every project has different insurance policy coverage. The projects like Nautical Condominiums and Yishun new condo in Singapore are few of some, which have wide insurance coverage. Consulting about these projects to the builders and developers would help in fetching the great deal.
by: Justin Sara
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