Do I need insurance condo?

Do I need insurance condo? -

Christian Dexter Carroll Steele Insurance
I just got off the phone with a potential client who, during our conversation, m ' said he has not had a condo insurance policy because he had more than one mortgage. I asked why he thought that way, and he said it was more necessary because it did not have a mortgage and the bank demanded. After taking a deep breath for reasons I explained slowly the importance of a condo insurance policy or not you have a mortgage.
It seems that very few people do not understand what the offer and condo insurance that our continuous talk I began to understand why. One reason, at least in this case there is some confusion about the Associations political Condo Master and the level of coverage for condo owners and condos within the association . The result is Condo associations will implement the documents of the Condo Association to cover the loss of the structure as a whole - including individual condominiums. This means that if there were a total loss, the master insurance policy Condo Association would cover the cost of rebuilding the entire structure, including all condominiums within it. However, all documents of the Condo Association are written this way and sometimes it is up to each condo owner to cover their condo unit loss. This is a very important factor that all condo owners should be aware of and something I'll talk more about later in this article
Condo insurance coverage -. Liability insurance
Before you even begin to dissect what a master Condo Association policy may or may not cover, let me first make the point that you'll still need a font of condo insurance to provide you with personal liability coverage. There are three main points to cover in a condo policy: housing (covering the internal structure of your condo unit), personal property and personal liability. Sometimes a policy of the Association Condo Insurance Master will provide a dwelling coverage. personal property and personal liability, however, may not be covered by a personal condo insurance policy .
Personal responsibility is financial protection for the actions by you which could affect the other. For example, say you have a party in your home and a friend of a friend (we assume a friend would never prosecute) stumbles on your coffee table and fell down the stairs. A few days later you receive a letter from his lawyer stating that he wants to continue and demanded $ 100,000 to cover his injuries. If you have a condo insurance policy with at least $ 100,000 in coverage of personal responsibility that you are financially protected. However, without a condo policy, you are on your own and will continue to be at risk and vulnerable when ever someone enters your condo
Cover Condo Insurance -. personal property
personal property covers all your personal items. A washing machine and dryer, clothes, computers, television and your beloved Wii would all be covered by the insurance of personal property under a condo insurance policy. Other things such as jewelry and money is also covered, but with limited coverage amounts for each. When I get people really think about it most are amazed at how personal assets they have and what it would cost to replace it. On average, most people are $ 25,000 to $ 50,000 in personal property coverage, though, everyone's situation is different and it is recommended to make an assessment of your personal property to determine a level of coverage
Condo insurance Coverage -. Apartment
a political Condo insurance also provides coverage for damage to your condo covered perils such as fire. So let's say you had a terrible fire in the kitchen and your cabinets and appliances were completely destroyed. If you had a dwelling coverage on your condo policy when coverage would pay to restore your kitchen - assuming that you have done enough coverage. Determine the right level of dwelling coverage depends on several factors. For a rough estimate of how much the dwelling coverage you need to estimate somewhere between $ 100 and $ 300 per square foot. The amount per square foot depending on where you live and the cost of construction. In Massachusetts, I usually use $ 0 per square foot for the average $ 250 per square foot if the condo has a custom kitchen or other above average equipment. I want to play it safe, so I overestimated when it comes to insurance condo. Premiums are relatively low compared to the insurance of the house so it is financially feasible to be safe than sorry.
Is not My Condo Covered Under The Master Policy Condo Associations?
Maybe. And even if it does, no master condo association insurance covers your personal property, or the risk of personal liability in your condo.
A main objective Condo Association policy is to provide accountability and cover construction for the general structure of the condominium complex and its surrounding property. If someone were to get hurt in a common area or maybe in the back lawn of the property, the Master Condo Association insurance policy would cover all claims of liability or damages to the building.
Is this' All Inclusive political master?
recently, condo associations have purchased policies that are "All Inclusive". this means that the policy regards the building as well as individual condominiums within that one. Therefore, a control policy 'All Inclusive' cover damage to your condo as a peril insured against fire. If the policy has not this type of coverage, then it's yours the condo owner to add a dwelling to your policy coverage. However, it is always important to have a certain level of dwelling coverage, especially if you have made some improvements to the condo that could increase its value beyond the average condo in the complex might have (eg kitchen measured). In addition, the condo associations try to determine the right coverage for the building, but if they occur below the actual cost to replace the entire building, including your condo, it's a nice safety net to have this plus $ 50,000 or dwelling coverage on your own condo insurance policy.
it is important to remember that even if your condo associations parental insurance policy covers your condo for fire and other covered losses still do not protect your personal assets or provide personal responsibility . You will take a huge financial risk if you do not have condo insurance.

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