Where can you get condo insurance?

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There are two kinds of insurance that cover condominiums.

1. The association buys a master policy to insure all the real estate assets owned in common by all the owners. You pay this premium from your monthly assessments.

2. A unit owner buys an HO-6 policy, that insures what the owner owns, including personal property. You pay for this individually. You can purchase 'actual cash value' (depreciated value) or guaranteed replacement cost' (replace with new) coverage.

Consult your governing documents and your master policy to determine what you need to insure so that your HO-6 policy dovetails with the master policy: you don't want overlapping insurance, nor do you want any gaps in coverage.

Furthermore, understand that the coverage that you purchase, may be distinct from the coverage of the master policy, covers that which is "within the four walls" of the unit, whereas the association policy covers the structure itself (the "common areas"). Or not.

Best practices dictate that you work with a broker or agent who understands associations, so that you get exactly the coverage you need.
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How is co-op insurance different from condo insurance?

Answer . co-op housing usually has a portion of coverage in place for the dwelling itself. You are responsible as a tenant for contents and liability coverage above what the co-op pays. BE VERY CLEAR WITH THE CO-OP ppl on this!! Very important! If somebody slips and falls in your home, who wi ( Full Answer )

What are the implications of having the condo association as an added insured on homeowner's condo insurance policy?

Answer . they are an insured under the policy as they 'own' the outside of the home........no 'implicatons' other than in some claims they would/may be included on the draft in payment........it may be (these policys are different in different states)..... one reason is say a shingle falls from the ( Full Answer )

How much homeowners insurance should you get on your condo?

You can find the answer you want in your governing documents, in your state's condominium law, and in your master policy. Condominium associations are usually required to carry a master insurance policy that covers all the real estate assets the association's members own in common. You pay this pre ( Full Answer )

Can condo insurance cover rooftop pool?

There are two kinds of insurance required in a condominium environment. The master policy insures all the real estate assets owned in common -- and covers liability possible in commonly owned areas. Individual condominium owners purchase a policy to cover their unique assets. This policy is known ( Full Answer )

Can you find the insurance company of a condo owner?

You can request this information from the board of directors of the condominium association, that carries a master policy. They may also know the name of an individual owner's carrier, but may not be willing to divulge that information to you without just cause.

Does Fla condo need workmens comp insurance?

The answer is YES! . It is a misconception that if you have no "employees" you don't need workers comp insurance. If you have employees, i.e. a manager, maintenance workers, or anything of that sort you will need to secure a policy due to state regulations. . Even if you do not have anyone working ( Full Answer )

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 es ( Full Answer )

How much is condo insurance in Michigan?

Read your governing documents to determine the coverage that should be available to you from the association's master policy. Then, determine how much of your personal property you want to cover. Your personal coverage in a condominium is called an HO-6 policy, and may also include assessment prot ( Full Answer )

Is leaking pipes inside the wall covered in condo insurance?

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.

If the cable tv company causes water damage to a condo unit will the condo association insurance cover it?

As a condominium owner, generally, you are covered by two insurance policies: . The master policy, which insures all the assets owned in common, and may include liability insurance . The HO-6 homeowner's policy that you carry, which insures your assets that only you own. Read about the insurance ( Full Answer )

Does condo associaton insurance cover water damage to unit?

Usually condominium associations carry a master insurance policy that covers common areas and limited common areas. Then each unit owner carries an HO-6 policy, covering property not covered by the master policy. Depending on the cause of the water damage, one or the other policy should cover the r ( Full Answer )

What companies are offering condo insurance in south Florida?

that depends on several factors. Size, age, and location. Another Answer Depending on whether you are asking for master policy coverage on the entire community, or individual HO-6 coverage, your current broker should be able to direct you to either a company or a broker who can help you get the ( Full Answer )

Can you insure a condo if there is not longer an association?

If you live in a building made up of condominium units, there must be some legal governing body by way of which all owners share in the ownership of the common areas and limited common areas. Whatever this governing body might be, your governing documents should provide for a master insurance poli ( Full Answer )

What does alterations and additions mean on a condo insurance policy?

Usually, alterations and additions to the interior of a condominium unit means changing the interior of a unit by turning a closet into a study or nursery, for example, or adding a half-wall in a great room. Otherwise and without alterations and additions, the condominium unit is described as the ( Full Answer )

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 re ( Full Answer )

Can you get insurance if the condo burned and is being repaired?

Once the repairs are complete, you should be able to obtain a new HO-6 policy. As well, in your HO-6 policy, you can request coverage for 'loss of use', so that if you are required to move out of your property based on a catastrophe, your costs of living day-to-day are covered, and in addition, yo ( Full Answer )

Can your condo association require boat insurance?

It depends. If you store your boat on condominium property, the association can demand protection against damage to its assets that can be caused by the boat. These might include the wind blowing a boat over and the mast crashing on the roof; gas or other liquids leaking out of the boat or its en ( Full Answer )

Can a condo homeowner be charged a fee to obtain a master condo association flood certificate of insurance?

Depending on the source of the certificate, it may be that there are expenses related to producing it. The management company may have a set fee for all copies, scans and so forth. The insurance company may have already provided a copy to the association, and your request is for a duplicate copy. ( Full Answer )

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 com ( Full Answer )

How much contractor insurance should a condo have?

The answer depends on how the contractor is employed by the association. If the contractor is bonded, insured and licensed -- best practices indicate this is the best position for the association, to require these documents from a contractor -- then the association's insurance requirements are dif ( Full Answer )

How much is condo insurance in Chicago?

Read your governing documents to determine the coverage that should be available to you from the association's master policy. Then, determine how much of your personal property you want to cover. Your personal coverage in a condominium is called an HO-6 policy, and may also include assessment pro ( Full Answer )

Does private condo insurance cover broken interior doors?

The answer depends on coverage you purchased in your HO-6 condominium homeowner's policy. Also, you'll want to take your deductible into account. You are best advised to contact your broker and discuss the situation. Your broker can advise you about how to proceed with repair and payment for the r ( Full Answer )

How much coverage do you need to have on an HO6 condo insurance policy?

Best practices dictate that you work with the broker who write themaster policy, to determine whether or not the master policy is an'all-in' policy. An all-in policy includes coverage for windows,doors, interior furniture, including cabinets, bathroom fixturesand so forth. You can imagine turning yo ( Full Answer )

Does an Illinois condo owner have to submit a claim on their own insurance even if damages were caused by another condo owner's water leak?

This kind of unfortunate situation that occurs in multi-family housing must be addressed on two levels: . First, identify the source, stop the leak, repair what's causing it, and clean up the damage. . Second, pay for identifying, stopping, repairing and cleaning up. Generally, water and its ( Full Answer )

What is an condo?

A condominium is a style of real estate ownership, where a buyer purchases a unit plus an interest in all the real estate assets in the community, based on a formula for allocated interest.

Will your condo insurance policy cover sewer back up?

No. Sewer back-up coverage is usually available as an endorsement that can be added to a homeowners policy. A condo should be insured on a for HO-6 homeowners policy. You should really look closely at the endorsements available and see what you need and what you don't need. Also be familiar with you ( Full Answer )

Does auto owners ins co insure condo?

You can query your auto insurance carrier to discover whether or not the company insures condominiums. There is no standard.

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 ( Full Answer )

Where and how to get Condo Insurance If Condo Insurance cancel you?

First we would need to know why you were cancelled? As if you were cancelled for misrepresentation or fraud then you are in trouble, but if you were cancelled for non payment then just call up some other insurance companies and get quotes should be no issue, you may see a jump in your premium and th ( Full Answer )

Does homeowners insurance protect against delinquent condo fees?

This is not a normal type of coverage, per se . Depending on the reason an owner does not pay assessments, you may be able to purchase protection. For example, if your home is not habitable based on a protected disaster, your coverage may include monies sufficient to pay your assessments, which y ( Full Answer )

How much condo insurance do you need?

To determine how much condo insurance you need, you are bestadvised to insure the contents of your unit, because theassociation's master policy insures the real estate assets that allowners own in common. You can work with a broker and a copy of themaster policy to determine the insurance coverage y ( Full Answer )

Is a non insured owner of a condo held liable if a stranger falls on the stairs leading to the condo if the stairs are shared by an adjacent condo?

Typically, in a condominium, the owner owns 'from the paint in' orsome other dividing line: studs, wallboard, etc. The associationowns everything else. The boundary is defined in your CC&Rs. What you are describing -- a shared stairwell -- sounds like alimited common area that is owned by the associ ( Full Answer )

Can a condo president keep your condo insurance from Hurricane Sandy?

Any master policy that covers the association is subject to the vagaries of the issuing insurer. The business of insuring the association's assets is under the leadership of the association's president. There may be a requirement in your governing documents to maintain a master policy, in which ca ( Full Answer )

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 ow ( Full Answer )

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.

Does condo insurance cover stolen air conditioner units?

First, you need to read your Condo agreement and see if the air conditioner is your property or if it if part of the joint property such as the roof. If it is your property a HO-4 homeowners policy normally has coverage for a certain amount of property that is part of the building. A central air uni ( Full Answer )

Need copy of condo insurance policy?

A homeowners policy for the owner of a condominium would be formHO-6. This is the policy that you would ask for. It covers theitems owned by the condo-owner which is usually from the sheetrockinward. This would include the paint or wallpaper, flooring, andeverything else inside the home plus a share ( Full Answer )

Do condo owners need home owners insurance?

Yes, if you own the property you need to insure it in case itcatches fire etc. You need to do this whether you live in it orrent it out. If you live in it yourself you should also addcontents insurance for your furnishings etc. If you rent it then all you need to do is insurethe contents (which ar ( Full Answer )