Most condo owners will have membership in a building-wide condo association. Each will have their own master insurance policy, which will not cover any of a condo homeowner’s personal belongings, interior fixtures, appliances, and more. Obtaining the right coverage to fit one’s needs is an important decision for the condo owner. It essentially equates to the overall financial protection of all that has been accumulated through years of one’s hard work. This coverage is a stand-alone insurance policy that safeguards the parts of a condominium property that are not protected under existing HOA policies.
The condo association (HOA) master policy protects the building owner’s interest by covering the structure itself, exterior features, and common shared areas. Some master policies will also extend coverage to a condo’s floors, ceilings, and bare walls; therefore, it is important that the homeowner become familiar with all the details of the HOA bylaws and existing policy coverage before buying condo insurance coverage. This will result in the proper policy that will protect your personal property and the interior of your condo home. Condo coverage can sometimes be tailored to protect the policyholder from water damage, injuries happening inside the unit, (and other forms of liability exposure), burglary, vandalism, and more. The insurance operates in the same manner as many other policies operate. The insured person has to pay a monthly premium for the privilege of having the insurance. The amount of the premium depends on the coverage amount the person chooses. There may be a deductible involved as well since most policies have them. A deductible is a payment that a person needs to contribute before the insurance company will do so. The biggest plus in carrying condo insurance is that the condo owner can enjoy the peace of mind inherent in being financially protected. This coverage will replace personal items of value or repair the property or aspects therein so that the homeowner can enjoy his or her life again as soon as possible.
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