Total Comments: 34
Posted: Sat Oct 11, 2008 08:36 am Post Subject:
Condo master's policy covers only the common part that you share with the other condo members like-the roof, basement, elevator, sidewalks and such. The master's policy doesn't cover your possessions. Hence, you're required to purchase additional coverage in order to cover your items from fire, burglary and other such covered perils.
Hope it helps.
Posted: Sat Oct 11, 2008 08:49 am Post Subject:
Dear, I'd rather say that insuring your condo or coop is quite different than that of covering for your home. I got that you have a master policy, but apart from that you could use a specific home insurance which is aimed at condo owners. This policy is popularly known as HO-6. Thanks, Crossbreed
Posted: Sat Oct 11, 2008 09:54 am Post Subject:
While purchasing the condo policy you should get it clarified from the condo authority as to which portion of the unit is covered under the master's policy, since you'll be responsible for the damages caused to the remaining portion.
One way to find our about it is by reading the bylaws of your agreement. At times, the condo authority insures the units at the time those are build. And in such case, the individual owner is only responsible for covering the changes and improvements made on the unit. However, there also is a chance that the condo association might have insured only the bare wall. Hence, the owner will then be required to insure for the built-in appliances, plumbing, wiring, kitchen cabinets and so forth.
Posted: Sat Oct 11, 2008 10:06 am Post Subject:
Yes you need an additional policy that will cover the 'inside' of your unit it will also have a liability coverage attached to it...you are as you set now not protected.
Posted: Sat Oct 11, 2008 10:18 am Post Subject:
Yes, HO-6 policies would offer liability coverage quite like a standard home owners. Under circumstances that you have damaged someone's property or caused any physical injury to another person, then your HO-6 would come to a great help!
The master policy from your condo association would certainly form a considerable part of your total coverage. It is meant to cover for spaces that you would share with other tenants e.g. roof, basement, elevators, staircase etc. Apart from the fixtures that are built upon individual spaces it would also cover for structures that fall under separate owners.
Posted: Sat Oct 11, 2008 11:10 am Post Subject:
It is quite often that we go for things, while in reality we don't have a clear idea. I think you should first know what the master policy covers for you.This would certainly help you to judge which policy is best for your unit or for your own property. If the fixtures that fall within your unit are not covered by this master policy, then you'd certainly include your crystal chandeliers within the HO-6 policy. Purpleheaded08
Posted: Sat Oct 11, 2008 10:08 pm Post Subject:
Ditto Lori - you need insurance for your "stuff."
Master Condo insurance (that an association has) does not cover individual's "stuff."
Posted: Sun Oct 12, 2008 02:08 pm Post Subject:
Kind of like Renters insurance???? Sounds like it.
Posted: Sun Oct 12, 2008 06:54 pm Post Subject:
yes, fire, but a little more comprehensive really more like a home owers minus the outside...
Posted: Mon Oct 13, 2008 01:31 am Post Subject:
Gotcha....see I am learning a few things.