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Condo
Insurance
f you have purchased
a condo or co-op, the bank will require
insurance to protect its investment in your
home. You may, however, need more insurance
to cover your personal items, liability
or fees that may be charged to you regarding
shared areas of the building like the lobby.
You will need two separate
policies to protect your investment:
- Your own insurance
policy.
This provides coverage for your personal possessions,
structural improvements to your apartment and
additional living expenses if you are the victim
of fire, theft or other disaster listed in your
policy. You also get liability protection.
- A "master
policy" provided by the condo/co-op board.
This covers the common areas you share with
others in your building like the roof, basement,
elevator, boiler and walkways for both liability
and physical damage.
To adequately insure your
apartment, it is important to know what structural
parts of your home are covered by the condo/co-op
association and what are not. You can do this
by reading your association’s bylaws and/or proprietary
lease. If you have questions, talk to your condo
association, insurance professional or family
attorney.
Sometimes the association
is responsible for insuring the individual condo
or co-op units, as they were originally built,
including standard fixtures. The individual owner,
in this case, is only responsible for alterations
to the original structure of the apartment, like
remodeling the kitchen or bathtub. Sometimes this
includes not only improvements you make, but those
made by previous owners.
In other situations, the
condo/co-op association is responsible only for
insuring the bare walls, floor and ceiling. The
owner must insure kitchen cabinets, built-in appliances,
plumbing, wiring, bathroom fixtures etc.
Contact
Dynes for more information >
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