... site; you can learn about condominium insurance ... walls, or someone injuring themselves slipping on your wet kitchen floor. That's why you need condominium insurance ...
You are here > How to explain condominium insurance to residents ... Like a tenant’s insurance policy, condominium unit owner ... the person does not know, ask if someone ...
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Condo insurance is required to insure your personal property and any parts of your unit that aren’t covered by your condo association’s insurance policy.
Insurance quotes for condominium coverage. Insuring a condominium unit or insuring ... So you need an insurance expert, someone who can give you advice about what is right ...
... the condo corporation's insurance the better you can ... We'll explain with an example: let's say there is a fire in the lobby of your condo building. Condo insurance ...
Explain thoroughly to all condo association members in the plan that they ... the condo building is valued at, you can trigger a condo association policy's co-insurance clause.
Can Someone Explain These Homeowners Coverages? -----If you take the time to read your Homeowners Insurance ...
JeffyB 4:50 am on September 5, 2010
Your condo probably has property & liability insurance that protects the association if there a fire, water damage, or if someone falls in the hallway & sues them. However, their insurance probably does not protect YOU if someone steasl your stuff or someone is injured at a party in your place. Check with the condo association on this. They will know. You probably need to get your own condo policy, which is not expensive. Good Luck.
qman 4:50 am on September 5, 2010
It’s just like renters insurance. Ask your insurance agent.
k_l_parrish 4:50 am on September 5, 2010
Basically an insurance that covers your belongings. ASSUMING that your realtor is correct (I’d check) that the complex has insurance that pays off YOUR mortgage in case of fire or other destruction.
daddy-o 4:50 am on September 5, 2010
condo insurance would be the same as apartment insurance. This would protect your belongings and personal property. If say, there was a fire, or flood, the building already has insurance to cover damage done to the structure (compared to homeowners insurance), however, any damage done to your belongings would not be covered. condo/apartment/renters insurance fills this need, and is typically quite inexpensive (10$/month per $10,000) would be a ballpark estimate.
cdnfellow 4:50 am on September 5, 2010
there are special insurance policies designed for condo-owners.
Basically, they insure everything that I’SNT defined as the "building". You will sign a condo agreement and in it, it should describle what is considered the building. The condo corporation is responsible for the building.
Read your agreement. They vary from one condo corporation to another. Then phone your insurance broker.
matsonb 4:50 am on September 5, 2010
You can still get contents insurance, not condo insurance. The building is covered already, but everything within your condo walls is not. it’s very cheap and well worth it. http://www.choicerealestate.net/montgomery-county-md.php
Terry S 4:50 am on September 5, 2010
Condo insurance "most of the time called CONTENT INSURANCE" Covers you if your condo is broken into and they steal all your stuff.
Some policies also cover damage to other properties due to something happening in your unit.
Hope this helps.
Terry S.
http://www.Welcome2Arizona.com