Many condo buyers and even some owners are under the false impression that their association’s insurance policy, which they pay for as part of their monthly maintenance fees, is an all inclusive policy and that they are fully insured. In fact they are not as in the overwhelming majority of cases, association policies do not cover interiors components. Furthermore, association policies never cover your personal liability or personal property.
If you wish to have personal liability coverage as well as interior coverage for your; condo, furniture, clothing, and other personal property, you will need a personal Condominium Unit Owner™s Policy.
In addition to providing the above-mentioned coverages, a unit owner™s policy will provide Loss Assessment Coverage and Loss of Use. Loss Assessment Coverage protects you when the condominium master policy™s limits are insufficient to cover a loss. You can be assessed with a loss even if the damage or liability does not affect your unit. Loss of Use will help pay your expenses if you cannot live in your home due to a covered loss. This applies even if your unit does not suffer any damage. For example, if you have to evacuate due to a fire in another unit.
Your condo/townhouse by-laws outline the coverage provided by the condominium master policy. Consult your Realtor or an attorney for interpretation of your by-laws to determine what is/is not covered by your association™s policy.
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please give us a call and we’d be happy to assist you!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington
