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Why You Need Insurance on Your Condo or Apartment
By Denise Wike
Sometimes I'm asked whether a condominium owner should be carrying insurance for their condo if the condo association provides insurance. The answer is yes. But why?
Most condominium associations do provide insurance up to a point. That point generally ends at your four walls. They will cover the common areas, the areas accessible to the public, but they do not cover your individual unit. They also do not cover the interior of your walls, your cabinets, and any other permanent fixtures. They don't cover your personal contents such as clothing, furniture, dishes, linens, tapes, books, CDs, electronics, appliances and other personal items. And also very importantly they don't cover liability if someone is injured inside your unit unless it is due to something within the control of the association.
Think about how long it has taken you to collect those possessions and what it would take to replace them in the event something did happen, such as a fire. Chances are you may find that it would cost many thousands of dollars. If you are a renter you have no coverage at all under your apartment building's insurance or the insurance of the homeowner of the house in which you live.
It’s a good idea to take an inventory of your personal possessions. Photos are a wonderful way to document what you own. Of course once you take your photos it’s a good idea to store them off the premises, such as in a safe deposit box and ask a reliable friend or relative to store copy of them for you. In the event that something happens to your property you will be able to document what has been lost and your photos won’t be missing or damaged along with your other possessions.
Another coverage provided under your condominium or renter’s insurance policy is Loss of Use. In the event you cannot live in your home due to a covered loss, your insurance company will pay for you to live somewhere else while repairs are being made. If you rent your condominium to someone else your insurance policy can include Loss of Rents.
Condominium policies also include coverage for Loss Assessment. If a loss occurs to the condo premises in general the association may assess the owners of the condos for items not covered under the association’s policy or for which the association does not have enough coverage. Some Loss Assessment is automatically included with a condo policy and more is available. Be sure to ask about this vital insurance.
Typically insurance for renters and condominiums is inexpensive and easy to obtain. Contact us to find out how. You can reach my office at (727) 446-9009.
Wike Insurance Services
Tel: 727-446-9009
FAX: 727-298-8414
E-mail: info@WikeInsurance.com
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