CONDOMINIUM OWNERS

CALL US

CONDO CONFUSION


Many people are under the illusion that their condo and its contents are covered under the HOA master policy. The Condo Association policy only covers the actual structure of the condo building, the “bones” if you will, and common areas.  Where does their responsibility begin and end?


Everything from the "studs in" is the sole responsibility of the owner of the condo. This includes not only contents such as furniture, electronics, and clothing, but also fixtures such as the water heater, carpets, lighting, flooring and cabinetry. And what if the HOA makes a claim and there is a deductible assessment on the condo owners?


CONFIRM COVERAGES

How Much Coverage of Each Do You Need?


BUILDING PROPERTY

Condo policies have building property and personal property coverage.  You will want enough in building property to replace everything attached to the walls, floor, and ceiling in the event of a total loss including appliances, cabinets, wood flooring, dry-wall, carpeting, tile etc.  It is a tough number to determine but we can help!


LOSS ASSESSMENT

You will need loss assessment coverage in the event you HOA files a claim under their master policy from a hail storm, for example, and assesses the owners for the deductible.  The amount you need is determined by the HOA master policy deductible and the number of units. Make sure that number is correct otherwise you will be out of pocket.


PERSONAL PROPERTY

Covers all your possessions not affixed to the unit itself.  If you could turn your unit upside down, whatever spilled out is your PP.


WATER BACK UP

Water damage claims in condos are common.  It is highly suggested to have some coverage.

Share by: