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The Residential Condominium Building Association Policy (RCBAP) provides coverage for?
A Condo association purchases coverage for parts of the property that are commonly owned by the people who own Condos in the development. This is why you pay dues to the association, for insurance and taxes on common property. Most Condo agreements means that you own the property from the bare sheetrock inward, meaning you own the paint, floor covering, furniture, appliances, etc. The commonly owned property is things such as sidewalks, roof, walls, pools, etc. All owners of Condos are also insureds under the Condo agreement. Various Condo agreements can be different, and all are not the same. You need to know how your Condo is set up and what your agreement says.
What else can I help you with?
What is building property protection on a condominium policy?
Your broker can help you understand the extent of coverage under your association's master insurance policy. There is no standard among insurance vendors. Usually, 'building property' includes all of the building(s) owned by the association as common area/ limited common area -- boundary definitions are included in your governing documents. You may or may not have coverage over the foundation, and/or the landscape assets.
Who assumes liability if an outside party wants to organize a pool party in the condominium building?
If the condominium corporation rents its pool to the public, then its rental agreement will specify liability coverage. If an owner hires a caterer to organize a pool party, again, the association probably requires an agreement that will specify liability coverage. If the corporation does not allow rental of the pool to the public, their pool is not a candidate for the birthday party.
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 policy. Your insurance broker can help you figure out what coverage is on the building, and so what coverage you are required or advised to buy.
Is dwelling protection the same as building property protection for a condominium policy?
Your answer depends on the policy and its interpreters. Best practices dictate that you query the carrier with a specific question about a specific policy using addresses and value particulars.
How do you get a copy of certificate of insurance for entire condo building you live in?
You can request a copy from your association manager, or broker who sold the master policy coverage to the association.
Do you still owe maintenance if your condo is condemned?
Your governing documents should be clear on this issue. If no assessments are collected by the association, how can the association recover? There is rarely 100% coverage by a master insurance policy on a condominium community. This is one of the great reasons to purchase an HO-6 condominium owners' policy with assessment coverage, so that in the case of a disaster, your assessments are paid by insurance.
What is reasonable coverage recommended for a condominium home owner's insurance?
Your broker can help you determine how much insurance to carry in your HO-6 policy, based on what might be covered in the association's master insurance policy.Ask your board or your management company to send you a coverage page from the master policy, then you and your broker can determine the coverage you need.
What do you do or who is responsible when an exterior wall of your condo is leaking onto your condo?
Your question is interesting in that it asks about leaks 'onto' your condo, without stating that the water is leaking 'into' your condominium. Water dripping onto your condominium balcony/ roof line/ window pane and so forth is expected and normal so long as the waterproof integrity of your building envelope remains in place and there is no water intrusion. However, if water is leaking into your condominium, you must alert your association manager or resident manager or board and request that the issue addressed as soon as possible. Water leaks mean mold eventually, which can be major damage and which is often excluded by insurance coverage.
Does my condominium rider protect me?
Contact your broker and verify that you have purchased the coverage that you need -- the broker can explain when/ how your rider protects you.
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 protection in case of a disaster. Ask your board to help you work through the kind of individual policy you need, and to educate you about coverage actually contained in the master policy.
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 engines, or the boat and trailer being blown into the landscaping. If your association owns a lake or a pond for the exclusive use of its residents, then the association can demand that you insure your own liability, loss of life and other coverage. If, however, you simply own a boat, and don't store it on the property or use it in the community pond, there's not much reason for the association to demand insurance coverage of your boat.
How does premise liability pertain to condo property divided land?
Condominium AnswerRead your governing documents to verify that a master insurance policy is required for the association, and the details of liability coverage required.Individually, unit owners may also carry liability insurance. That policy defines 'premise'.The master policy coverage will define 'premise' also.Depending on the claim, different policies may be involved.Insurance Answer[TBD]
