Condo and Renters Insurance
January 17, 2011
Folks who purchase single family houses will obtain homeowners insurance, but when folks purchase condos there can sometimes be confusion about what type of insurance they ought to carry.
The homeowners association will carry insurance covering the exterior of the units and any structures in the common areas. They also carry liability insurance for the common areas. However, anything inside your unit is your responsibility. Reading through the homeowners covenants, conditions and restrictions should tell you what is covered and what is not.
Clearly, all of your personal possessions are not covered. Often floors, cabinets, fixtures, etc. are also not covered. You will need to discuss your particular situation with a competent insurance agent.
In many ways, condo insurance is similar to renters' insurance. You would want coverage for 1) replacement of personal belongings if they are lost to fire, , theft, vandalism and certain types of water damage. 2)personal liability coverage to pay for property damage or bodily injury to others; 3)reimbursement for "additional living expenses" in case you have to relocate temporarily should you suffer a loss that is covered by your policy.
Having appropriate insurance is a necessary cost of living in any dwelling unit.
Folks who purchase single family houses will obtain homeowners insurance, but when folks purchase condos there can sometimes be confusion about what type of insurance they ought to carry.
The homeowners association will carry insurance covering the exterior of the units and any structures in the common areas. They also carry liability insurance for the common areas. However, anything inside your unit is your responsibility. Reading through the homeowners covenants, conditions and restrictions should tell you what is covered and what is not.
Clearly, all of your personal possessions are not covered. Often floors, cabinets, fixtures, etc. are also not covered. You will need to discuss your particular situation with a competent insurance agent.
In many ways, condo insurance is similar to renters' insurance. You would want coverage for 1) replacement of personal belongings if they are lost to fire, , theft, vandalism and certain types of water damage. 2)personal liability coverage to pay for property damage or bodily injury to others; 3)reimbursement for "additional living expenses" in case you have to relocate temporarily should you suffer a loss that is covered by your policy.
Having appropriate insurance is a necessary cost of living in any dwelling unit.
posted by shirley harry at 9:02 AM
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