Friday, October 21, 2011

Understanding Condo Owners Insurance

It easy to confuse condo insurance with home insurance. But they are two distinct insurance categories and need to be viewed as such. If you own a condo, here are a few important issues you should keep in mind when choosing your insurance provider and the terms of the insurance coverage. A good condo owner’s insurance policy should cover:
  • Personal Property – This will cover loss of normal household items in case of fire, theft or other covered contingencies.
  • Additional Personal Property – If you own antiques, valuable art works, large amounts of jewelry and other such items, you need this protection.
  • Improvements – This will cover improvements you have made to the condo and additional fixture you have installed
  • Additional Living Expenses – This will cover your living costs should your condo become uninhabitable due to any factor you are insured against.
  • Guest Medical Coverage – This will cover the medical expenses of guests injured while in the condo
  • Worker’s Comp Coverage – This will pay for the medical expenses of any personal employees such as nannies, cooks maids etc.
  • Personal Liability Protection – This coverage will pay for liability due to damage or injury resulting from a covered incident.
  • Loss Assessment – This often overlooked coverage covers you, should the condo association levy an assessment on each condo owner for the repair of common areas. 

Building coverage is needed for the portion of your unit not covered by the HOA homeowners association policy. We will help you review your CCR's to determine the correct amount of coverage. This is the most common error on condo policies. Contact Allied Brokers to find out more about condo insurance and the coverage options that meet your specific requirements. All you need to do is call 1-888-505-7988 (toll free) and tell them what you are looking for in the way of condo or any other insurance. They will be glad to give you a free quote. Or visit the company website at http://www.alliedbrokers.com/ to learn more about the insurance products and services on offer.

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