Co-owner insurance

Co-owner insurance
 

 
People living in multiple units, such as condominiums and townhouses, have unique insurance needs. Most homeowner association parent policies cover the building, common areas, and mechanical systems like air conditioning and elevators. The unit owner is responsible for insuring property that is only inside the walls of his dwelling.

Homeowners often have to insure goods such as plumbing fixtures, kitchen cabinets, wall and flooring, among others.
Some associations may cover these goods as originally installed. On the other hand, you become responsible for any changes made, such as renovating the kitchen or bathroom, or laying new rugs.

The first step in insuring your condominium is to have your broker review the Home Owners Association's parent policy to determine what it covers. This lets you know your responsibilities, the limits of coverage offered by the association, the likelihood of an assessment of losses after a major disaster (such as a fire), and whether you need to add coverage to your policy as required. in the declaration of co-ownership.

Appropriate coverage

Your broker will help you determine the appropriate coverage for your property, including furniture, clothing, art, collections, etc. If the condominium is not your primary residence, your valuables, such as art or jewelry, may already be covered under your primary home insurance policy. Your insurance broker can help you avoid double protection.

The liability issue is of particular concern to residents of multiple housing units, since an accident in your unit, such as a water spill from a faulty dishwasher, can easily cause damage to third parties. Your broker will help you coordinate your liability insurance policy with other coverages you may have, such as supplemental insurance policies.

Many policies include coverage for additional living expenses if your home becomes uninhabitable and you need to relocate temporarily. Many condo policies provide coverage for assessments that the association may require after a loss. Your broker can help you determine the appropriate level of protection.

One of the reasons you bought a condominium was to make your life easier. You don't want to worry about structural maintenance, landscaping, or major repairs. However, condominium insurance can be more complex. When you are the owner of a condominium, you must make sure that your coverage complements that offered by the association, without there being a gap or double protection.