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Answered 2009-10-06 04:33:28

it varies from state to state. In Florida, the condo associations insurance would cover that as long as the policy was "special form" if it is in "basic form" than the Difference in Condition policy would respond.

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Your new condo roof is leaking due to snow and ice Is it covered?

If this is for a home: you can ask your insurance broker or carrier whether this damage is covered by your insurance. If this is for a condominium: you can notify your board and turn the matter over to them to handle with the master insurance carrier.


Where can one find information on condo insurance?

Condo insurance can be purchased at the same places that sell homeowners insurance and will cover the costs of your property inside your condo and will pay for damages incurred.


Is fire usually covered by condo insurance?

Condo insurance usually covers fire if it was unintentionally caused. It is always a good idea to read through your policy to be sure. If you do not have a copy, you can call your insurance company and they will send you a new one.



Are leaking pipes inside the wall covered in condo insurance in California?

Read your governing documents to determine who owns the pipes. They may be common area assets, or limited common area assets -- dedicated to owners or an owner, but fewer than all owners -- or they may be owned by the unit owner. As well, contact your master insurance policy carrier, since the requirement to repair and the requirement to pay for the repair may be different.


If a leaking shower in an upstairs condo apartment causes damage and leakage in the ceiling in the apartment below who is responsible for repairs?

You should check on the laws in your area. In some regions, neither is responsible and your respective insurance companies pay for your own repairs. In others, the condo owner's insurance company above is repsonsible for paying. There may be a way to claim from the condo owner themselves.



How much should I be paying for condo insurance?

The value of your insurance depends upon the value of your condo. The important thing is that you have enough insurance to replace the condo. If you got the condo for a low price many years ago you can't insure it for that because you'd not be able to get another to replace if it were destroyed. The cost of the insurance on yor condo is based on several factors. In some cases your condo association will dictate the amount of coverage you must have.


How to Determine What Type Of Condo Insurance to Buy?

Condo insurance is not the same as insurance on conventional homes or renters. Condo owners need to ensure that their policies cover all their possessions that are not covered by the Condo Association’s insurance policy. By reading the fine print in the purchase agreement and the insurance policy, a condo owner can determine exactly what type of insurance policy will cover what is not covered by the collective insurance already provided. The condo association will normally collect dues from owners to cover common areas of the complex and sometime installations. The association’s bylaws will state exactly what is covered under the association’s policy. The association’s policy may have a deductible, which is usually divided equally among the unit owners. Collectively, owners may have a “bare walls” policy which covers all real property from the exterior framing inward, but does not cover fixtures or installations within a condo unit. Another type of policy referred to as an “all in” policy covers fixtures and installations, along with the structure and any common areas. The owner needs to know if the policy is cash value, which covers the cost of replacing the items minus depreciation, or if it covers the full replacement cost. If the association has a bare wall policy, the owner must buy insurance to cover features such as countertops, bathroom and kitchen fixtures, flooring and personal items. With an all in policy, the owner may only need to cover personal items. Most insurance companies offer a special unit owners policy, but to save money and ensure that all items are covered, the condo owner needs to determine what he owns and what is covered by the association’s policy. Condo owners are typically responsible for insuring just their property, but the rules differ from complex to complex, and it's important to ask the right questions to ensure you have proper insurance coverage. Usually, condo owners are not responsible for cutting the grass or shoveling ice from the front walk, but they must insure that the proper condo insurance is in place to protect them from any lawsuits related to these things.


Will insurance cover a leak in the roof in a condominium?

It depends upon the circumstances in which the leak came about, and also upon your individual insurance policy. Insurance policies are contracts, and these contracts state very specifically what is covered and what is not covered. Read the "named perils" section to see what is specifically covered. Read the "exclusions" section to see what is not covered. Please note that under most policies you are obligated to mitigate your damages or coverage may be denied. For instance, if the leak in your roof is causing water damage inside the condominium, you are obligated to do something about it to prevent further damage inside the condo. If after reading your policy you are still uncertain about coverage, you should contact your insurance agent.


What insurance is available for owners of condos?

If you own a condo, you can get basically the same type of insurance as a homeowner, depending on what type of condo you have. If you condo is more like apartments, you may be able to get insurance similar to renters insurance, while if you have a stand alone home, you can basically get just home owner insurance.


Why should you get a condo insurance?

If your condo is insured, you can receive enough cash to replace your damaged belongings. This type of home insurance gives you security and peace of mind, which are definitely worth the additional expense you will pay for the policy.


Can an insurance company dictate who does the repair work in your condo?

It depends. If, for example, extensive damage occurs because of a covered natural disaster -- an earthquake -- and the board and the insurance company agree that the insurance company's vendor will complete the repair work inside units on assets covered by the master policy, then the insurance company's vendor may complete the work. If, however, you prefer a different vendor, it's possible that you could negotiate with the board and pay the difference between what the insurance company's vendor would charge and what your vendor would charge to repair assets inside your unit that you want your own vendor to repair.


Does homeowners insurance cover upstair condo water leak?

Typically no. Condos present a very different risk to insurers than a single family home. policies issued for condo owners generally cover only the interior portions of the unit. Sometimes referred to as "Wall to Wall" coverage or "Sheet Rock to Sheet Rock". Anything inside the walls is usually not covered. Plumbing leaks in Condos are usually covered under the Condo Associations master risk policy for shared structure and conveyances.


What company provides good ho6 condo insurance?

Condo insurance is basically renters insurance. You can go to a few different companies to do this, the best and most prominent one is probably State Farm Insurance.


What companies in Chicago offer condo association insurance policies?

State Farm, Progressive and Geico are some well known companies that offer condo association insurance policies. There are local and lesser known companies such as Melendez Insurance that offer condo association insurance policies also.



How much does Condo Insurance cost?

A condo insurance costs about $200-$500 a month. You can read more at http://www.prudentialelliman.com/MainSite/Guide/NYCClosingCosts.aspx


Who pays for replacing an outdated electric fuse box on a condo?

If the fuse box is inside the condo then the condo owner pays


Does your home insurance cover the deductible for the condo insurance?

Your question will be best answered by the insurance agent or broker who sold you the policy.Almost nothing in an insurance policy that covers a home is automatically covered if it is not located in the home. And some items in the home may not be covered either, without a special rider. This is especially true of expensive items, such as jewels, furs and so forth.


Where can someone go to get insurance for a condo home?

Condo insurance is available as a specialist type of home insurance from most mainstream home insurance providers. Some well known examples are State Farm, Bank of America and GEICO.


What insurance company has a cheaper cost to get a condo insurance?

The best way to do comparison shopping for your new condo is to do it online. There are a number of companies that can give you instant quote online.


What is a condo insurance expiration date?

Your insurance policy clearly states its date of expiry.


Protect Your Investment with Condo Insurance?

If you own a condominium, you might be surprised to learn that you need to purchase additional condo insurance. After all, don't the condominium associations cover those costs? Many people mistakenly believe that they are completely covered from any damage or theft thanks to their membership to a condo association. In fact, this kind of coverage typically only qualifies the exterior of the building, or any common areas. Should anything happen to the interior of the condo, the owner or tenant would be completely liable and have innumerable expenses. A common cost incurred by condo owners is any kind of flood or water damage. If a faulty pipe or even a leaky faucet while you're away causes excess water in the condo, you may be dealing with anything from repainting the wall to completely redoing the floors. Rather than cover these unexpected expenses out of pocket, those with condo insurance will have these costs covered, and even have help finding contractors to do the work. Having condo insurance can really offer peace of mind for those who are away from their condos for more than a day at a time. If your condo is where you store any valuable or significant items, like televisions, computers, or jewelry, it may be especially important for you to have condo insurance. This can protect you in the event of a break-in, and help you to recoup your monetary losses. Unfortunately, condominium break-ins are common due to the fact that residents are often traveling or away from their second homes. If a burglary occurs in your condo, would you be prepared to cover the expenses? Small payments of condo insurance can help you not to worry about leaving valuables in your condo. If someone were to slip and fall in a condo, the owner would be liable for any injury and medical costs associated with that. In today's legal climate, where high punitive damages are common, that might mean the condo owner would need to pay huge costs. Liability insurance in your condo is important for having guests, visitors, or even handymen doing work in your home. Protect yourself against court fees and amy judgments by investing in condo insurance.


Can you get condo insurance in Florida with existing damage from Hurricane Wilma and are waiting for condo association to fix inside walls so you can fix drywall and paint and recarpet?

Probably not. Insurance companies do NOT want to offer insurance when there is pre-existing damage present, as the old damage could be covered under the new policy. Which makes sense, b/c they were not your insurer at the time and therefore should not be held responsible for repairing old damage. It seems to me that you may have to check with the Florida Department of Insurance and pursue coverage through the Citizens Property Insurance Corporation. I also recommend asking for legal advice pertaining to the fact that the condo association hasn't repaired their part of the damage yet. Unless the delay is a result of something beyond their control, they need to have someone light a fire under them to get this taken care of. It's not fair to any of the condo unit owners that their ability to get insurance be limited b/c of them. Also, many companies do not offer new insurance if you have gone with a lapse of coverage... even for a condo, this is a common underwriting guideline in FL. I encourage you to pursue your options with the Florida Department of Insurance. Best of Luck!


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