Posted on May 17, 2014
Residents of condominiums live life a little differently than those in homes or apartments. With convenient access to recreational amenities such as pools, golf and tennis right where they live, their homes are uniquely situated to take advantage of the grounds and offerings these types of multi-residential buildings provide. But unlike apartment dwellers, condo owners must provide residential condo insurance to protect their units and belongings rather than acquiring rental insurance. In fact, residential condo insurance is much more similar to homeowner?s coverage with the added exception that the condo association covers common areas and grounds with their commercial condo insurance policy.
With the association providing commercial property and liability insurance, it would seem that a residential condo owner is fully covered for any accident or misfortune encountered. But in all actuality, if a theft occurs or water pipe breaks, the association?s commercial policy will not cover a resident?s claim. Condo owners must purchase their own separate policy designed to protect everything that happens within their own four walls.
Residential condo insurance protects the owner?s personal property and unit interior. It will also give added liability protection for bodily injuries or damage to other people?s property. Commercial condo coverage stops at the exterior walls of a resident condo owner?s home. Therefore, the resident must take responsibility for everything within including fixtures. These residential policies will cover fire, wind, smoke, vandalism, lightning, theft and even accidental water discharge.
Resident owners will also want to purchase additional living expense insurance so that if there is a covered property claim for damage inside the condo, the additional living expenses would pay for hotel and food of owners while the condo is repaired.
Guest medical coverage is also a vital part of any residential condo building insurance. If someone is hurt while inside the owner?s condo, this insurance would cover legal fees to defend the lawsuit and also pay for medical treatment of the injured guest.
Flood and earthquake coverage is not provided by these policies; however, policies to cover these events can be purchased separately.
Residential condo building insurance offers all the added protection that condo owners need to cover any possible claims that may arise. Condo owners should definitely review their policies to make sure they have the right type of insurance needed as well as enough coverage to fully protect their assets. A licensed insurance broker can assist in evaluating and assessing condo owner needs and provide expert guidance in what amounts are appropriate.