We’re going to buy an apartment very soon. My question is where can I get and what kind of insurance should we buy?
Total Comments: 1
Posted: Wed Sep 28, 2011 07:23 am Post Subject:
There are usually two forms of condo insurances.
1. The one that the Association buys (Master policy) to insure the building and all areas jointly owned and used by all owners. All the owners pay premiums for it from monthly assessments.
2. The one that the Unit owner buys ( HO-6 policy), to insure his personal property. You pay for this for your property individually.
You may buy Actual Cash Value or Guaranteed Replacement Cost coverage.
Consult an agent to know and buy according to your personal requirements.
Also check your master policy before buying any insurance to ensure you don’t buy overlapping coverage or leave gaps in coverage.
Posted: Wed Sep 28, 2011 07:23 am Post Subject:
There are usually two forms of condo insurances.
1. The one that the Association buys (Master policy) to insure the building and all areas jointly owned and used by all owners. All the owners pay premiums for it from monthly assessments.
2. The one that the Unit owner buys ( HO-6 policy), to insure his personal property. You pay for this for your property individually.
You may buy Actual Cash Value or Guaranteed Replacement Cost coverage.
Consult an agent to know and buy according to your personal requirements.
Also check your master policy before buying any insurance to ensure you don’t buy overlapping coverage or leave gaps in coverage.
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