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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.
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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.
Why you need building insurance for mortgage?
The the person who owns the mortgage (mortgagee) wants to protect their investment.
What are some benefits of RV insurance coverage?
RV insurance is always a good option due to the fact that it will protect you from damages and liability claims. It is very smart to have to help to protect your investment.
Do I need title insurance if I buy a home with cash and no mortgage?
Yes. You still need to protect your investment.
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.
What insurance companies will provide homeowner or condo insurance for a rental condo without having to insure your primary residence in my case rental insurance?
Your local insurance broker can answer your question.
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.
New Condo Owners?
You finally purchased the condo you have always dreamed of. Now it's time to insure your possession. When purchasing condo insurance it's important to know you are going to need two kinds of insurance. Your homeowners insurance covers your new home and a master policy covers the common areas in the condo. The master policy is provided by the condo association. As stated above it covers the common areas in the complex such as the roof, basement and sidewalks. Make sure you read the fine print in this policy, as you don't want to be surprised if something happens. Ask your agent if your insurance coverage will protect you when and if something happens in one of the common areas.
IF my upstairs condo is untouched by a flood but the building's ground floor is damaged so badly that the entire building is unlivable would my flood insurance protect me?
Let's first review what a condo is. A condominium is an arrangement in which you own your own living space outright (your condo apartment), and you share joint ownership (with all the other condo owners) of the common spaces. There will be (at least) two insurance policies in effect: (1) the condo association policy, which covers (at least) the common areas, and (2) your own personal policy, which covers the contents of your condo apartment, and depending upon your coverage, may also cover the internal structural elements (walls, floors, ceilings, fixtures, countertops, etc.) of your specific condo unit. Since there is no damage to your condo unit, your personal condo insurance will probably not apply, even if you have flood insurance. So, the answer to your question depends upon what type of policy your condo association holds. You should therefore ask your condo association.
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.
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.
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
