Like condos bridge the gap among individual apartments and houses, condo associations bridge the rift among landlords and homeowners’ associations. While liable for the grounds as well as the common areas, condo associations also provide condo unit owners the liberty of ownership of their unit’s interior. Insuring a condominium is unique as it comprises multiple policies. This can be not very clear to many, particularly if you’ve only ever had exposure to renters insurance or home insurance policy.
With this article, we would like to furnish you with valuable and relevant knowledge about the distinction between two prevalent condo insurance policies – an individual unit owner’s insurance policy and a master condo insurance policy, also termed Condominium association insurance Clewiston– to help clear up any uncertainty.
What is an Individual Unit Owner Condominium Insurance Policy?
Your individual condo coverage policy, or a unit owner’s policy, is the insurance plan you are liable for as the condo unit purchaser. An individual condo policy is imperative as this policy covers your personal belongings and offers liability security in the event of an occurrence within the walls of your condo unit. Your mortgage lender or condo association will expect you to possess an individual condo insurance policy in numerous cases. Your individual unit owner’s insurance coverage is similar to that of homeowners coverage in that it gives:
Personal Liability Coverage: Coverage that protects you if others initiate a claim or appeal a lawsuit against you for physical injuries and wounds or property damage for which you are accountable.
Personal Property Coverage: This coverage plan may assist in repairing or replacing your personal belongings, like electronics or furniture if they are stolen or destroyed.
Resting on your policy’s specifics, it may also cover loss of use coverage, which applies when you provisionally have to reside at some other place if your condo is unoccupiable because of a fire or other protected loss. This extra living cost coverage can help cover costs above & beyond your average monthly expenses like rent of temporary residence, meals, laundry, and other costs incurred because of the displacement.
Condominium ownership is a unique situation where you possess a part of a building or property and not all of it. For this purpose, a couple of insurance coverages are required to ensure everything is protected. When it comes to insuring a condominium, the individual unit owner’s policy is a bit of a puzzle. The other bit is what you recognize as the Master Condo Policy or Condominium association Insurance Clewiston.
What is a Condominium Association Insurance Policy?
The Master Condo Policy/ Condo Association Insurance is the coverage policy held by either the homeowners or condominium association. The premium of this insurance coverage comes out of your maintenance fees or association dues. This policy covers the two chief areas of uncertainty — general liability for the association & coverage of property damage for common areas. Common areas include the roof and outer walls, stairways, recreation rooms, elevators, shared hallways, and grounds.
For instance, coverage can be confined to the building structure and shared areas or cover every structure, including counters, floors, and cabinetry in your individual condo. Knowing the coverage type your Condominium association Insurance Clewiston presents is something you need to figure out before buying your unit. This is an integral component of obtaining the precise individual coverage you need as a condo unit owner.
Conclusion
Now that you know the difference between Individual Condo Insurance and Condominium Association Insurance, you must be in favor of acquiring now rather than conflicting that individual condo policy is sufficient. Working with a local and knowledgeable agent is the best option if you’re looking to get Condo association Insurance. Moreover, the right professionals have the know-how necessary to scrutinize your circumstances and suggest the right insurance coverage for your association. They specialize in community associations, Condominium association Insurance Clewiston and their unique features.
