Verify what your association covers
The best source of information on what building coverage the association is responsible for would come from your CC&R’s. This document would have been provided to you when your escrow closed. You can also obtain a copy of your CC&R’s from your HOA or property management company. They should be able to clarify and review the coverage’s with you.
- Owners responsibility- Coverage A (Dwelling Coverage) Within the CC&R’s there will be a section detailing the building coverage provided by the master policy. There will also be another section detailing what the unit owner would is responsible for in respect to the coverage for the condo. The amount of coverage required for your unit will vary by association. Some associations will require you to insure the windows, flooring and wall coverings only, while other associations will cover the inside of the unit minus any improvements you or a previous owner have made to the inside of the condo. However, some associations will require you to cover all of the interior walls including, flooring, kitchen and bathroom fixtures, etc. The cost of this could range from $30-$300 per square foot of your unit.
- Personal Property- Coverage C You would want to have sufficient coverage to replace all of your clothes, furniture, appliances etc in the event of a loss. There are certain limitations on personal items such as jewelry, silverware, furs etc. If additional coverage is needed we can add a scheduled item endorsement to provide proper coverage.
- Personal Liability Provides coverage in the event you or a resident of your household are legally responsible for injury to others or property damage.
- Medical payments Provides coverage for reasonable medical expenses to non-household members accidentally injured on your property
- Loss of use Provides additional living expenses you may incur if your home becomes uninhabitable due to a covered loss. These additional expenses might include hotel, food, storage, etc.
- Loss Assessment Coverage Provide coverage for you in the event your association makes an assessment to unit owners for a covered loss to a common structure. This will not cover maintenance on items such as landscaping or parking lot repair, etc.
- Condos rented to others This would provide building coverage for your unit along with loss of rents and liability for a covered loss. Your tenant would need to have their own renter’s policy to cover their personal property.
HWP Insurance can help you and discuss the appropriate coverage options for your condominium insurance, contact HWP Insurance today for a quote.