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Buying insurance on a Condominium

Condominium insurance is similar to tenants insurance and covers personal property and improvements. Loss of use is generally limited to 40 percent of the contents limit. The condominium association generally purchases insurance for the building structure and common areas, such as corridors. Loss Assessment Coverage can be an important policy provision for you. It covers you for certain assessments the condominium association makes. However, you should check if it covers you for earthquake losses and how much it will provide you in the event of an earthquake loss. You should also carefully analyze the type of insurance your association has and how it would affect you in the event of a loss. Most condominium association policies cover the common areas and walls. Your condominium owner’s policy will cover interior damage to your unit.

Why do you need flood insurance for a Condo?

Federal law requires your lender to make sure you have flood insurance if you have a home loan and live in a federally designated flood hazard area. Your condo association probably has a master flood insurance policy that covers your building.

Will your rate go up if you file a condo insurance claim?

Usually, one claim will not cause a rate increase. However, more than one probably will.

Is your personal computer covered by condominim insurance?

Many policies cover computers and equipment. Generally, policies limit how much will be paid if there is a covered loss. Limits on computers average between $2,500 and $5,000. If your computer is worth more, you may want to ask your agent about adding extra coverage.

Insurance Info:

Auto Insurance - What's covered? Auto Insurance Terms
Auto Insurance Tips

Home Insurance - What's covered?
Home Policy Limits
Home replacement
Homeowners Insurance Terms
Condo Insurance