Important Insurance Information for Condo Unit Owners

April 25, 2012 at 11:11 AM | Posted in Home | Leave a comment
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When you own a condo unit, it is important to know what part of the unit you are responsible for. Are you only responsible for your personal belongings, or are you responsible for the “studs in”? You can get the answer to this question from your Condo Association’s By-laws.

If you find that you are responsible for the “studs in”, this means you are responsible for items such as bathtubs, toilets, sinks, partition walls, wall/floor/ceiling coverings, electrical outlets, interior doors, refrigerator, stove, countertops, cabinets, dishwasher, and chandeliers. 

The coverage for these items comes from the Coverage A Dwelling portion of your Homeowner policy. In addition, it also covers any additions, alterations, or improvements you make to your unit. It is important that the limit you carry on your policy be adequate to replace all of the items in the event of a total loss. You should also be sure that your policy includes all-risk coverage.

Another important coverage for Condo Unit Owners to have is Loss Assessment. The Homeowner policy automatically includes $1,000 for your share of any loss assessment charged to all unit owners as a result of a common area loss. It is recommended purchasing a higher limit to prevent any out-of-pocket expenses.

Contact us today at 888-850-9400 to review your policy to make sure you are adequately insured.

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