From condominiums to free standing homes, there are many structures that people call their personal residences. Houses have always been the most popular, but condos offer a number of advantages that are allowing them to gain in popularity. A standard homeowner insurance policy offers coverage for the house, yard, related structures such as a garage, personal property such as furniture and electronics, and liability if a visitor is injured while in your home or on the property. A condo insurance policy offers many of the same coverages; however, it differs when it comes to the actual building. Condos are managed by an association that is responsible for certain aspects of the ownership process such as covering all common grounds of the building and the exterior of your unit.
When insuring a condo, it is imperative that the owner reads the condo association’s bylaws with a fine tooth comb to ensure that they know everything they will be responsible for. The condominium declaration or master deed will include a section on insurance requirements and association bylaws that outlines exactly what the condo owner is responsible for. Any property that is not insured by the association is the responsibility of the condo owner. Being aware of these key details will enable the condo owner to purchase a policy that has the ideal amount of coverage.
At Creative Risk Management LLC in New Jersey, we have been helping condo owners for years with their insurance needs. From answering questions to helping with the claims process, to being a partner for years to come, we want to earn your business. Give us a call today to learn more.
