All homeowners need insurance on their homes, and condominium owners are no exception.
Some condominium homeowner associations find it more affordable to insure all buildings and common grounds under one policy, known as a single package policy or association master policy. Read the fine print on these policies if your HOA provides this type of policy. The typical association master policy will cover the basic building (walls, roof, elevators, floors) but won’t insure your private unit, including appliances, carpeting, flooring, cabinets, walls inside your unit, and the rest of your personal property.
If under an association master policy, the condo owner might want to get separate personal property coverage, which protects the owner from loss or damage from fire, lightening, windstorm, hail, snow/ice/sleet damage, explosions, civil discharge, aircraft, vehicle damage, smoke damage, vandalism, theft, accidental overflowing of plumbing, etc. However, flood and earthquake damage are not covered under any basic policy. They can, usually, be purchased at a higher cost. You will also need special coverage if you work out of your home.
The insurance policy will also cover any guests inside your home, any relatives (including spouses, children, etc.), will provide protection against any claims made against you, and medical expenses.
Of course you will want to check around for the best insurance rates and read for yourself what your insurance company covers and what is doesn’t. Shop around for the most coverage at the lowest costs and lowest premiums. Inventory your belongings thoroughly and do so about once a year to make sure you have covered everything.
Unfortunately nothing can insure us against bad things from happening to us, our loved ones, or our possessions, but homeowners insurance for the condominium owner insures that anything of monetary value can be returned to us in one form or another. Homeowners insurance is a way of buying piece of mind. And don’t forget that if your are in the condo buying phase, especially in Manhattan, make certain to give us a call for your Manhattan condo inspection or even your Brooklyn condominium inspection and we will be delighted to answer your questions.
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