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