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When searching for condo insurance, there are some key elements that differ greatly from insuring a single-family home. Some questions to consider are whether or not you will renovate the property, how long you will stay, and how the condo association has set up the homeowners association master policy.
What makes insuring a condo a little more intricate is the fact that two policies are required. One policy is for the overall condo structure. This is called a master policy. The master policy is set up by the homeowners association and is usually rolled into monthly condo fees. This policy will cover the exterior of the building all the way into the studs of your unit. It also covers other common areas like hallways, lobbies, and recreation areas in case of damages or accidents.
Condo owners are also required to have an individual home insurance policy for their unit. However, this is where you’ll need to check with your condo association. Some properties require their association to cover the unit and included furnishings while others cover only the essential structure of the unit so things like fixtures and appliances are not protected in the event of a disaster. Any renovations you make may also impact your policy. For example, if you decide to remodel a bathroom, you may be responsible for all the fixtures and décor inside should damages occur. Whilst a bathroom remodel would usually increase the value of the home, this may not be the same for a condo. If the condo belongs to you, then it’s up to you to decide what changes you make. Although you should also be careful with how you go about getting the remodel and making sure that you are using a reputable contractor. This is so you don’t end up with a dodgy job being done, which could affect you financially. Hiring companies like Expert Design & Construction, who provide gorgeous bathroom remodels could be a great idea if you do decide to go with ahead with a remodelling project. However, should the condo be rented, then it may be more difficult to get permission to make these changes. Often, rented condo’s will allow for small renovations, such as changing the shower doors for example. Glass showers seem to be a popular renovation that people are undertaking these days, perhaps you could look at getting a shower door direct from an online website, this could save you some money. Whatever changes you choose to make, be sure that you’ve been given permission.
Getting an insurance professional involved is the easiest way to manage the right coverage for your new condo home. A specialized policy form for condos called an HO6 cover where the master policy leaves off and insures the unit from the drywall in, including flooring, fixtures, and cabinets should there be any damage.
It’s also important to talk with an insurance professional to figure out what kind of additional coverage you’ll need for your personal property and liability. An umbrella policy may be a good solution as it provides additional liability coverage. Whatever the coverage with your master and the individual unit, you’ll need to consider how well your personal assets are protected.
A condo can bring lots of benefits a traditional home doesn’t offer, which is why when you are making the choice of where you want to live, it may be best to take some time to see more brentwood condos (if you live in the Barnaby area of Vancouver), just so you are certain you are making the best choices possible. With anything you are not sure about, speaking to professionals who know what they are talking about will put your mind at ease. The key is to settle in knowing your new home is protected from the unpredictable moments of life. Get the right insurance for your condo and you’ll be able to relax on that new porch and watch the world go by knowing you’ve got it covered.
Do you have questions about insuring a condo? Contact the Fudge Insurance team. We’re a Trusted Choice Partner located in the state of Florida with clients from across the globe. We look forward to helping you find the best coverage to fit your needs.
Not ready to purchase that condo yet? Here’s what you need to know about renters insurance.