What Do I Need To Know About Condominium Insurance?
Owning a condominium puts you in a unique position. Unique because you have both common and individual insurance needs. Odds are, your condominium association has an insurance policy for common areas, like the building exterior and walkways. You're still responsible for insuring your interests such as your personal property, yourself from liability and your guest's medical protection. Your Association - How do I know how much coverage my association carries? - Are there parts of the building or property they don't insure? - What are my insurance responsibilities? Your Home - How much would it cost to repair the inside of my home if it were damaged? - How can I make my home safer and possibly save money? Your Property - What would it cost to replace the contents of my home? - Do I have an inventory and photographs of my personal possessions? You and Your Guests - What additional protection can I get for special assessments? - What additional protection can I purchase for my personal property such as: jewelry, electronic equipment, cellular phones and other special items? - How often should I reevaluate my coverages? - Should I get flood insurance? - Do I need or have reimbursement for additional living expenses if I can't live in my home due to loss? - I'm getting married, can I get additional protection to cover wedding presents and other personal property I receive? Enjoy peace of mind knowing your unique insurance needs are understood. Discover what discounts are available for condo owners.
Popular Insurance Questions
Popular Insurance Glossary Terms
Type of major medical deductible amount that acts as a corridor between benefits under a basic health insurance plan and benefits under a major medical insurance plan. After benefits are ...
Same as term Fortuitous Loss: loss occurring by accident or chance, not by anyone's intention. Insurance policies provide coverage against losses that occur only on a chance basis, where ...
Measure of the sensitivity of the insurance company's liability to changing policy surrender distributions. ...
Payments awarded by a court in a liability suit. Money damages can be broken down into compensatory and punitive. Compensatory damages reimburse a plaintiff for expenses incurred for such ...
Maximum amount under a liability policy that insurance company will pay for bodily injury incurred by any one person in any one accident. ...
Means of ending a pension plan only for reasons of business necessity, following IRS regulations. If the IRS determines that the plan was terminated for other reasons, employee and employer ...
Annuity contract. If the annuitant dies before receiving income at least equal to the premiums paid, a beneficiary receives the difference in installments. If the annuitant lives after the ...
Time period, for a life insurance policy, in which losses occur. This period must be determined to project the frequency and severity of future loss experience. ...
Same as term Builders Risks Forms: types of contracts that insure building contractors for damage to property under construction. The completed value form requires a 100% coinsurance ...
Comments for What Do I Need To Know About Condominium Insurance?
Do insurance companies offer an insurance policy or rider that insures condominium unit owners against nonfeasance, misfeasance, and malfeasance by a condominium association board of directors/trustees? I do not mean liability insurance for the members of the board (which our association has), I mean insurance that covers the individual condo owner should the Association itself experience liability due to the negligence of its board. The name of our community is "The Villas at Lookout Point Condominium Association, Inc.". We are unit owners, not members of the board. Tom & Pam Metzler 3900 Mercedes Pl Unit 25 Canfield, Ohio 44406
Jun 23, 2021 05:53:10Hey Tom! Thank you for reaching out to us. The first thing that I'll tell you is that for more than basic information about insurance for a condo unit owner, you should contact an insurance agent or broker as they have all the information you require and can answer any of your questions.
That being said, there are insurance policies that cover the individual condo owner in case the association is deemed liable for negligence. It's called Liability insurance, and, yes, there is one for individual units.
However, there is also the Loss Assessment Coverage. This works when the association's insurance doesn't entirely cover additional or special assessments for a loss. This is used when the association is sued for more than their liability covers, and they request additional coverage.
Replacement cost coverage covers the condo unit and the contents in case of a natural disaster.
The last one is the Betterments and Improvements insurance. Most often used by homeowners that are not the first dwellers of a condo to cover for necessary repairments for future damages as the condition of fixtures, cabinets, and carpeting is a mystery.
I hope this helps answer your question, but as mentioned above, contact an insurance agent for more information.
Jun 25, 2021 12:25:34Have a question or comment?
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