THURSDAY, DECEMBER 14, 2023
Whether you own a condominium or a co-op, you have common and personal insurance needs.
What Protection Does It Offer?
Designed specifically to meet your unique homeowner needs, a condominium/co-op insurance includes coverage for your personal possessions, structural improvements made to your living space and extra living expenses sustained due to an accident.
It is important to know what is covered by your association’s master policy and what items are your responsibilities when choosing condo/co-op coverage. Typically, a condo/co-op association carries an insurance policy for common areas, such as the lobby, walkways, boiler, basement, etc.
Property Protection
A personal condominium/co-op policy can help protect you from losses to your personal property and the interior of your unit. As such, you will need to estimate:
- The cost to repair or replace the inside of your home if it were damaged
- The cost to replace the contents of your home
It is recommended that you insurance your personal property for its replacement-cost value to help you replace yesterday’s purchases at today’s price tags.
Liability Protection
In addition to your possessions, the liability-to-others portion of your policy covers you against lawsuits for bodily injury or property damage that you or a family member—and some cases, pets—cause to other people. It pays for both the cost of litigation and any court awards, up to the limit of your policy, and covers you at home or away.
Additional Coverages to Consider
Unit assessment coverage: This insurance reimburses you for the expense passed on to you by the association as long as the cause of loss was covered by the association’s policy.
Sewer backup: This coverage insures your property for damage by the backup of sewers and drains (does not include flood protection).
Flood or earthquake: These can strike anywhere, so you need to understand your risks and obtain the appropriate coverage.
Top Ways to Save On Your Premium
There are numerous ways to save on your premium. These are the top seven.
- Raise your deductible.
- Invest in a home security system.
- Update exterior locks to dead bolts.
- Install smoke alarms.
- Choose automatic payment.
- Monitor your credit rating.
- Explore multi-policy discounts.
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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
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