What You Need To Know About Condo Insurance Nj
If you own a condo in New Jersey, chances are you are not required to carry condo insurance NJ to satisfy your mortgage requirements
. While lenders are only concerned with the insurance provided by the condo association, owners must realize the importance of purchasing optional condo unit owners insurance to ensure their interests are protected along with the interests of the lender. Understand what a Condo Association insurance policy covers and what it does not. By knowing where your gaps in coverage are, and how a condo unit owner policy will protect you, you will have the peace of mind you need.A condo association policy is designed to cover common areas of the condo complex. While some owners of condominiums assume that the insurance policy they are paying into with their association fees will cover their entire unit, this is an assumption that can land you in hot water if a damaging claim occurs. A condo complex policy covers just the structural foundation on the condo complex. This means the walls out are covered within your association fees. Nothing from the drywall is covered by the association policy. This is where condo insurance NJ comes into play to cover gaps.
A condo unit owners policy will cover covered losses and damage caused from the walls in. This means everything from the drywall and paint to the flooring and fixtures in your condo will be covered up to the limits stated on your policy. The building property coverage within a condo policy will be based on the square footage of your condo and the quality of construction. Inquire with contractors on the average cost to rebuild condos in your area and get a good idea of the amount of coverage you should elect per square foot.
Another important coverage that is not provided by your association is personal property coverage. Personal property coverage will pay for all of your belongings that are not fixed to the dwelling. Some belongings such as jewelry and antiques may be subject to special limits. Calculate an amount of coverage that is adequate to replace your belongings in the event of a catastrophic loss.
Loss assessments coverage is often overlooked. This coverage will pay for assessments made by the association when a covered loss occurs in the common area. Assessments can range between $5000 and $50,000. Without this coverage, you may have to come out of pocket to pay for assessments to have the common area repaired. When you are obtaining condo insurance NJ quotes, you must build a policy that provides you the coverage you need at a price you can afford. Bind coverage and protect yourself against financial harm in the event of a loss.
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