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
Same as term Underwriting Gain Loss): profit ( deficit) that remains after paying claims and expenses. Insurers generate profits from underwriting and from investment income. Their chief ...
Income paid for a specified number of years from an annuity. ...
Intent to defraud. An insured is required to answer truthfully all questions on the application. The insurance company can void a contract if it would not have issued a policy had it known ...
Additional coverage to a property policy. Windstorms are not one of the standard covered perils. If an insured desires coverage for windstorms and hail, an endorsement is required. ...
Financial instrument established irrevocably for a minimum of 10 years, after which the principal reverts to the grantor upon termination of the trust. A key feature is that earnings from ...
Net cost of insurance with no markup to cover an intermediary's profit or expenses. An intermediary, such as a broker, sells an insurance product net; that is, there is no loading for his ...
Automatic right of an insured to renew a policy until a given date or age except under stated conditions. It is extremely important for the purchaser to review the conditions for renewal in ...
Method of terminating a split dollar life insurance policy in which the company transfers its interest in the life insurance policy to the insured employee. Through such a transfer, the ...
Oral or written statement that results in injuring the good name or reputation of another, causing that individual to be held in disrepute. ...
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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