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June 19, 2014 By admin Leave a Comment

Insuring A Co-Op Or Condo

Houses-Buildings_Insurance_Icon_UmbrellaCoveringHouseIf 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:

  1. 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.
  2. 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 which structural parts of your home are covered by the condo/co-op association and which 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.

Also ask your insurance professional about the following additional coverages:

  1. Unit assessment 
    This reimburses you for your share of an assessment charged to all unit owners as a result of a covered loss. For instance, if there is a fire in the lobby, all the unit owners are charged the cost of repairing the loss.
  2. Water back-up  
    This insures your property for damage by the back-up of sewers or drains. Water back-up may not always be included in a policy. Check to see that it is included.
  3. Umbrella liability  
    This is an inexpensive way to get more liability protection and broader coverage than is included in a standard condo/co-op policy.
  4. Flood or earthquake  
    If you live in an area prone to these disasters, you will need to purchase seperate flood and earthquake policies. Flood insurance is available through FEMA’s National Flood Insurance Program. Both flood and earthquake insurance can be purchased through your insurance agent.
  5. Floater or endorsement  
    If you own expensive jewelry, furs or collectibles, you might consider getting additional coverage since there is generally a $1,000 to $2,000 limit for theft of jewelry on a standard policy.

When purchasing insurance, it is important to find an agent or company that specializes in condominiums or co-ops. Also don’t forget to ask about all available discounts. You can reduce your rates by raising your deductibles and by installing a smoke and fire alarm system that rings at an outside service. If you insure your unit with the same company that underwrites your building’s insurance policy, you might also get an additional reduction in premiums.

Source: Insurance Information Institute, “Insuring a Co-op or Condo”
http://www.iii.org website. Accessed December 2, 2015. http://www.iii.org/articles/what-type-of-insurance-do-i-need-for-a-co-op-or-condo.html

© Copyright 2016. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Filed Under: Home, Personal, Theme 83

June 19, 2014 By admin Leave a Comment

How Much Will It Cost?

Houses-Buildings_Icons_HousingRisingThere are many factors an insurance company uses to determine the price of your policy:

  • The square footage of the house and any additional structures.
  • Building costs in your area.
  • Your home’s construction, materials and features.
  • Amount of crime in your neighborhood.
  • The likelihood of damage from natural disasters, such as hurricanes and hail storms.
  • The proximity of your home to a fire hydrant (or other source of water) and to a fire station, whether your community has a professional or volunteer fire service and other factors that can affect the time it takes to put out fires.
  • The condition of the plumbing, heating and electrical system.

If you rent your home or own a condo or co-op, your insurer will not consider the size of the dwelling or building costs. However, the insurance company will take into account factors that make damage to your possessions more likely.

Source: Insurance Information Institute, “How much will it cost?”
http://www.iii.org website. Accessed December 2, 2015. http://www.iii.org/articles/how-much-will-it-cost.html

© Copyright 2016. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Filed Under: Home, Personal, Theme 83

June 19, 2014 By admin Leave a Comment

Can I Own A Home Without Homeowners Insurance?

Homes-Buildings_Insurance_HouseInBusinessPersonHandsUnlike driving a car, you can legally own a home without homeowners insurance. But, if you have bought your home and financed the purchase with a mortgage, your lender will most likely require you to get homeowners insurance coverage. That’s because lenders need to protect their investment in your home in case your house burns down or is badly damaged by a storm, tornado or other disaster.

If you live in an area that is likely to flood, the bank will also require you to purchase flood insurance. Some financial institutions may also require earthquake coverage if you live in a region vulnerable to earthquakes. If you buy a co-op or condominium, your board will probably require you to buy homeowners insurance.

After your mortgage is paid off, no one will force you to buy homeowners insurance. But it is not advisable to cancel your policy and risk losing what you’ve invested in your home.

Source: Insurance Information Institute, “Can I own a home without homeowners insurance?” http://www.iii.org website. Accessed December 2, 2015. http://www.iii.org/articles/can-i-own-a-home-without-homeowners-insurance.html

© Copyright 2016. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Filed Under: Home, Personal, Theme 83

June 19, 2014 By Julian Aston Leave a Comment

IN: Insuring A Co-Op Or Condo

Dear Valued Customer,

If you have purchased a condo or co-op, the bank will require insurance to protect its investment in your home. It’s also important to know which structural parts of your home are covered by the condo/co-op association, and which are not.

In this issue of the “——————-“ we’re including information and tips that can ensure you are protected in many ways; like whether you need to insure a co-op or condo, how much it will cost, or if you can own a home without homeowners insurance. For this information and more, please read on to ensure you protect your assets.

We appreciate your continued business and look forward to serving you.

Kind regards,

Filed Under: Home, Personal, Theme 83

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