What You Cover vs. What They Cover
When buying a condominium, there are certain insurable areas that are covered by the condo association and then other areas that are covered by the owner or renter of the condominium.
The condo association typically collects monthly dues from unit owners and uses a portion of these funds to insure common areas.
Your association could have one of three policies:
- A policy that insures only the primary building and common areas.
- A policy that insures your building and any items in your unit other than personal property.
- A policy that insures the building, your unit, and any fixtures or improvements you make to your unit.
General condo insurance is covered by the building and/or a homeowner's association (HOA) and is part of a master policy that usually covers building exteriors and hallways, the pool area, etc. In addition, if an incident occurs in which a visitor or guest is injured near the lobby, pool or common area of the condo, the condo's insurance is typically held responsible.
On the other hand, the owner of the condo is usually only responsible for the interior of the unit, which is generally everything from the wall studs in.
You may also be responsible for liability coverage incidents, such as if a visitor injures themselves within the walls of your unit. For this, you should also have personal liability insurance.
The condo owner is also responsible for insuring personal belongings as it relates to theft, as well. Typically the condominium master insurance policy is not responsible for items stolen within the walls of the owner's condominium unit.
If you own, or are planning on owning condo space, having a full comprehension of the coverages allocated to each party is vital. For more information on condo owner's insurance vs. condo insurance, contact Pettineo Insurance Agency today.
Pettineo Insurance Agency Inc. provides Condominium Owner's Insurance in Fort Lauderdale, Lauderdale-By-The-Sea, North Lauderdale, Pompano Beach, Oakland Park, Boca Raton, Deerfield Beach, Hollywood, Sunrise, Coral Springs, Pembroke Pines, Sunrise, Tamarac, Plantation, Lighthouse Point and all of Florida.
