Condo Insurance

Condo insurance coverage, renters insurance, property insurance

Are you familiar with property or homeowner insurance? Well, a condo insurance is different from it because it covers the renter’s policy but not as general as the homeowner policy. The difference is that in condo insurance the coverage includes all the personal property as well as the possessions inside the unit. However the association policy insures the common areas as well as the buildings and other structures.

The good thing about condo insurance is because it covers other areas that are not included in the master policy of the condominium association. The master policy of the association covers the building structure of the unit such as the floors, walls, windows, roofs and elevators. On the other hand, when you avail individual condo policy it will insure the wall coverings, appliances, cabinets as well as the interior walls.

In case that you want to improve or refurbish the condo at the expense of the owner, the individual condo insurance is applicable. It also includes upgrading of the condo unit such as carpeting and the likes that are included in the condo insurance policy. In addition, all the improvements made in the condo unit are also included in the policy. Nevertheless, when the original carpet is covered by the insurance policy of the association, the individual condo insurance will cover the difference in value of the original and upgraded carpet. This only shows that condo insurance policy does not pay on the same refurbishment.

Another benefit of condo insurance that is advantageous to the owner is that it covers all the damages in the unit that is not covered by the association’s master policy. However, condo insurances policy varies from one company to another. Nevertheless, some insurance company covers all the building structures as well as the personal property of the owner. In case of coverage gaps, the condominium association can seek the service of the insurance agents to work on the lapses of the coverage. It is the responsibility of the insurance company to provide solution the situation.

Furthermore, it is important that before you buy or improve the condo unit you should ask your home insurance agent about the coverage of the policy and to what extent. Likewise, you need also to know if what are the valuables covered by the condo insurance policy because some insurance companies has limits on covering valuables. Above all, it is important that you know what the policy entails when you lose property due to catastrophic situation.