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