Unit Owner Questions:
Things You Should Consider When You Buy Condominium Unit Insurance:
Purchase HO32 Unit Owner Special Coverage:
We strongly recommend the basic HO6 policy be endorsed to add HO32 which broadens your coverage for walls and fixtures from a “named peril” basis to an “open-peril basis”. This means that the policy will provide coverage for all perils except for those specifically excluded in the policy. You may discuss particulars with your agent or ask your agent for a copy of the policy so you can see the extent of any coverage limitations.
Purchase HO35 – Loss Assessment Coverage:
The additional premium for this coverage is minimal and should be purchased by any condominium unit-owner. Recommended limit is at least $50,000.
Coverage A – Building in the event you are responsible for a deductible claim against the master policy
Read a recent article written on deductibles and consider what your unit carrier will do if they are presented with a claim
Condominium Rental Units:
You still have responsibility for liability as the unit owner. Most times, liability may be added to the unit owner’s primary residence insurance policy. It is strongly recommended that your tenants purchase HO4 Tenant Homeowners Policy to cover their own personal liability.
Policy Exclusions and Limitations:
The following are some of the more important policy exclusions or limitations which should be reviewed when unit owners are reviewing their personal insurance requirements. In many instances these limitations or exclusions can be modified or changed. However, this requires notice to your insurance agent.
- Jewelry and Furs – Limitation for theft loss.
- Money – Limited coverage.
- Securities and Manuscripts – Limited coverage.
- Watercraft – Limited coverage.
- Business Property – Not covered.
- Antiques, Fine Arts, and Cameras – Limited.
- Silverware and Pewterware – Limitation for theft.
- Guns – Limitation for theft loss.
- Office Occupancies in your unit not covered.
- Recreational Vehicles – Not covered (includes snowmobiles, mopeds, mini-bikes, etc.)
- Boats – No coverage depending on HP and size.
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