| "As the proud owner of a condominium, you
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| | dues that a condo owner must pay or condo
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| are well aware that you do not own the
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| | owners might simply be asked to pay a
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| actual structure when you buy a condo.
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| | certain amount of money each year to go
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| Rather, you just buy the unit in which
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| | toward the payments for the group
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| you live. Therefore, obtaining the proper
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| | insurance.
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| coverage to keep your condominium and the
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| | The types of damage that are covered by
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| entire structure protected can be a bit
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| | your group insurance will depend largely
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| confusing at times. In fact, in order to
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| | on the type of insurance you decide to
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| make sure you are entirely protected, you
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| | buy and what you choose to include in
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| will likely need to buy condominium
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| | your policy. Typically, group insurance
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| insurance as well as group insurance
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| | coverage for a condo does not include
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| coverage for the structure.
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| | items such as:
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| What to Expect When You Buy Condo
| |
| | - Water damage that is caused by
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| Insurance
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| | underground water or flooding
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| When you buy condo insurance, it
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| | - Damage from earthquakes or mudslides
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| typically covers only the actual unit in
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| | - Damage from deterioration, settling,
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| which you live. This insurance is
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| | nuclear hazard, or contamination
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| different from apartment insurance
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| | - Damage caused by rodents, birds,
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| because apartment insurance only covers
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| | domestic animals, and insects
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| your belongings and none of the
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| | If you live in an area where earthquakes,
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| structure. When you buy condo insurance,
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| | flooding, or mudslides are a concern, you
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| on the other hand, you will receive
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| | might want to look at having this
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| coverage for part of the structure.
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| | coverage added to your policy.
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| Condo insurance, which is more formally
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| | Those costs that are covered by group
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| known as HO-6 insurance, covers your
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| | insurance for a condo, on the other hand,
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| personal belongings while also providing
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| | typically include:
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| you with liability protection. This is
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| | - Property damage for reasons other than
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| because the structure is covered by the
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| | those previously mentioned
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| policy owned by the actual building in
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| | - Theft or damage of personal property
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| which your condo is located.
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| | - Personal liability protection when
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| Getting Group Insurance for Your
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| | someone is injured or property is damaged
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| Condominium
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| | within the condo property boundaries
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| Obviously, you will need the structure in
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| | - Replacement of locks after a theft
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| which your condo is located to be covered
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| | - Loss of refrigerated content after
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| as well. After all, if the structure
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| | mechanical or power failure
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| becomes damaged, it is likely that your
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| | - Loss assessment coverage
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| unit will be damaged as well. Or, even if
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| | In most cases, you won't have an option
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| your unit is not damaged, the damage to
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| | about paying into group coverage when you
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| the property will take away from the
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| | buy a condo. Since you have a vested
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| aesthetic beauty of your condo.
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| | interest in the property, however, you
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| In order to make sure the structure of
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| | will typically have a say in the type of
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| the condo is covered, most condos require
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| | coverage your condominium decides to
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| their residents to buy into the group
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| | carry. Therefore, it is essential that
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| insurance coverage when they buy the
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| | you consider all possibilities as well as
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| unit. The amount of the group insurance
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| | cost when you decide which type of policy
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| premium may be included in the regular
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| | you will buy.
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