Total Comments: 6
Posted: Thu Aug 06, 2009 03:55 am Post Subject:
Typically the insurance policies held by the condominium associations only cover the actual building and liability situations arising on the property. Any belongings or personal furnishings are the sole responsibility of the tenant / condo owner and should be insured. If the condo is rented, renter's insurance is best...and there are other options if the condo is not rented.
Posted: Thu Aug 06, 2009 05:45 am Post Subject:
Typically the insurance policies held by the condominium associations only cover the actual building and liability situations arising on the property.
Yes, condo owners would often have the false impression that insurance would cover for all within the apartment. But since the fact is a bit different, it becomes important for you to go through the condo assoc docs.
Most of your belongings that you have within the apartment eg. furniture, jewelry, clothing, appliances, electronics etc. are not covered under the association insurance. In order to cover for such things, you'd need to get a separate condo coverage. Roddick
Posted: Fri Aug 07, 2009 05:40 am Post Subject:
Hi, you should always know the replacement cost of coverage. Make a note of all the household items that you won't be able to replace by yourself. You need to calculate their worth and hand it over to the insurance agent.
Posted: Wed Aug 12, 2009 11:21 am Post Subject:
If you belong to a flood-prone locality, you'll need to go for flood insurance.
Remember, that flood damage is not covered by most of the condo assoc. policies if such damage has been caused to individual condos.
Posted: Thu Aug 13, 2009 05:11 am Post Subject:
Yes, the faster you understand the fact that the condo association insurance doesn't cover anything inside the condo it is better for you. It would be a good reason for you to have your own condo insurance.
In order to save your money towards a condo association insurance, you'd require to compare quotes from different companies (insuranceagents.com could be a good resource).
Posted: Sat Aug 15, 2009 11:43 am Post Subject:
What would be the necessary documents for establishing a condo development?