Posted: Tue Mar 20, 2007 5:57 am Post subject: Why condo insurance...?
My insurance agent is forcing me to buy a condominium insurance policy but he is not able to make me understand the benefits of such a policy. Can anyone here help me? _________________ Register Now to have your Insurance queries solved.
Ok quick question...do you own your condo or are you renting it?
If you own your condo (as I do) the association only protects the dwelling (from the studs out usually). All of the things inside the condo, such as your personal belongings will not be covered under their policy. Also if you have done any up-grades the association policy just has to put it back to builders grade. Another thing would be the association deductible, meaning for water damage or anything the association policy will not cover it until after 5,000 worth of damage sometimes less you would have to look at your association by-laws and the policy that they have. A good place to start would be to call your condo association and find out what the main association policy covers, then you want to show that to your agent and fill in the gaps (this is usually what a condo policy does) and you want to protect your belongings...what happens if the whole building goes up in flames...if you do not have insurance on your property you will not get anything, and be out alot of furniture, clothes, etc..etc. A condo policy usually covers your property and a part of the dwelling...for example in my by laws it states that I am responsible for the windows/doors and light fixtures outside...so that would be covered under the dwelling part of my policy were my belongongs would be covered under personal property.
If you rent you just need to cover your personal property...I would recommend either or. Renters insurance runs around 100 - 150 per year and often you will get a discount on your auto if you put them together.
Let me know if this helps or if you have any more questions.
Thanks for helping me out. I am living in a rented house. Now, if I buy condo Insurance then will it cover my land lord's property too? _________________ Register Now to have your Insurance queries solved.
