Wed, 26 March 2008
March 26, 2008
One more step…Condominium Insurance.
This master policy may not cover your personal loss. The master policy covers the common areas that owners share with others in the building like the roof, elevator, hallways and walkways for both physical damage and liability. If someone takes a tumble, the master policy provides coverage and if a lawsuit ensues, the master policy will also cover the legal costs incurred by the Home Owners Association.
Depending on your own financial situation, the HO-6 policy can also include such things as reimbursing you for monthly assessments and alternative lodging while you are unable to reside in your unit; water and sewer back-ups (which are all too common especially in older buildings); and even expensive jewelry, stamp or coin collections, or fur coats. You should be able to obtain this kind of policy through any insurance agent
Some associations require that every owner obtain the HO-6 policy, and many experts strongly recommended that every association make this a requirement.I have read that the best approach is to obtain that policy from the same carrier that issued the master policy.
Condo Insurance, Part Two Coming Up!