Condo living is much more community centered as compared to a single family home style of life. For those downsizing, this means having to make adjustments. This type of living also means you need to revise your insurance coverage.
First off you will have two policies to review. Both you and your condo association will insure your home, but the different policies will be directed towards specific coverages. Long Island Condo Insurance Agent, M.W. Morse Agency can explain these policies to you.
Most condo associations have insurance on the structures and the common areas all residents use. This information is somewhere in the association’s master policy and bylaws. The outside walls, the building, the roof and boiler room are all usually protected by the community’s policy.
Sometimes this community coverage will also pay for damaged items inside of your home. This could include the walls, ceilings and floors but is most times is limited to the original construction and fixtures.
A personal condo owner’s policy needs to work with your condo association’s coverage, so there will be no gaps in case of fire, theft or other types of damage. Basically, you need to protect everything inside of your “four walls,” including the walls themselves. Built-in bookcases and other fixtures need to be listed on your policy, along with a list of household items and possessions. Smithtown Condominium Insurance Company, M.W. Morse offers personal property coverage, with adjustable limits. Condo owners can have a set cash value to replace lost items or replacement cost coverage.
Personal liability is always a concern and a condo policy will protect against lawsuits and medical bills, in case an accident occurs in your home. The condo association will also have liability coverage on common areas and other community facilities.
Smithtown & Commack Condo insurance Agency, M.W. Morse will customize the type of policy, to protect against any contingency. Floaters and endorsements can be added to insure jewelry and other treasured items. Umbrella coverage can always be added.
Condo associations have often charged their residents special assessment fees. These typically cover repairs to the common areas, not covered by their insurance. A personal condo policy can be modified with add-on protections to provide for these costly situations. Flood insurance is also something that might be added, to fully protect your condo against disaster.
Condo insurance can offer a unique level of peace of mind. A call to your Long Island, Suffolk County Condominium Insurance agent is the first step.
M.W. Insurance Agency specializes and offers the best Condominium Insurance for Smithtown, Commack and all areas of Long Island, please give us a call today.