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
Reinstatement of an insurance policy or bond to its original face amount (face of policy) after the payment by the insurer of a loss. The purpose of this type of coverage is to indemnify ...
To accumulate. For example, under one of the dividend options of a participating life insurance policy, dividends can accumulate at interest by leaving them with the insurance company; cash ...
Agency of the federal government formed as the result of bankruptcies of savings and loan associations during the 1930s. Insures deposits of customers up to $100,000 for each account. In ...
Modest amounts of coverage sold on a debit basis. The face amount is usually less than $1000. ...
Individual who assigns rights to a benefit. For example, a life insurance policy may be assigned as security for a loan made by the borrower. The policy protects the collateral creditor ...
Variation of group life insurance that covers a small group of persons who work for the same employer. With group life insurance, the employer owns the policy; with wholesale insurance, ...
Option under a participating life insurance policy by which the policy owner can elect to have the dividends purchase paid-up increments of permanent insurance. ...
The surplus resulting from an additional amount of capital necessary to act as a supplement to the reserves in the event of unforeseen contingencies that would impair the insurance ...
Provisions, usually requiring an additional premium, that are appended to an insurance contract. These include waiver of premium (WP), disability income (DI), accidental death clause, ...
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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