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Many owners of condo’s think that the monthly due’s they pay covers the insurance on their home. This in fact is a fallacy that many homeowners should research further. The monthly fees that condo owners pay go toward payment of a master insurance policy. What many condo owners do not know is that the master policy the association has most commonly only covers those public areas such as parking lots, walkways, pools, clubhouses, tennis courts, and exterior of buildings.
A HO-6 Insurance Policy covers the condo owner against all other threats, many which the association’s master policy doesn’t cover. For example, if a condo unit is burglarized, damaged by fire or flood, or someone injures themselves, your HO-6 insurance policy would cover it. This is similar to renters insurance except it covers the condo owner specifically.
The HO-6 insurance policy is designed to cover other damages that may incur as well such as water leaking from your condo unit and causing damage to the unit below. Any damage caused by this leak would be covered by your insurance, whereas the master HOA policy would not.
It should be noted however that many times an HOA’s insurance policy will cover certain items and damages in a condo unit. The HO-6 insurance policy can be designed to fill the gaps that the HOA’s insurance policy does not cover.
HOA insurance policy will not cover personal property or liability inside the condo unit; it also will not cover any additional upgrades or improvements you made. These are just a few of the very notable items that you may want to protect yourself against as a condo owner.
It is important as a condo owner to review your associations, or in many times Co –Op’s Master Insurance Policy. Many items may be covered by this policy and many important items that you thought may be covered are not. Contact your local insurance agent to get specific details on the policy and needs that best fit you.
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