|
Condominium Insurance
Owning a condo brings a
nice break from some of the problems of owning a
home. Upkeep such as roof repair, gutters, lawn
maintenance, and water lines are taken care of by
the insurance provided to the homeowner's
association, or may occasinally be assessed to all
the association members.
Doesn't a Mortgage Provide Insurance for Condominiums?
Many condo mortgages
will include property taxes and perhaps a life
insurance policy that covers your death and protects
your family in case of that occurrance. But what
happens to your condo if there is a fire or flood in
your own apartment?
Insurance For Adjoining Condo Units
Different homeowner
by-laws will have different rules set down as to
individual liability for damages due to fire, flood,
or negligence from the homeowner. Most by-laws will
require that the owner of the condo in which the
problem originates will be held responsible for
adjoining unit damages as well.
In example, let's say
you have a condo on the second floor, and your
hotwater heater springs a leak one day. You are at
work, or perhaps on vacation, and the water starts
coming out.
Even a slow leak will
start showing on the ceiling of the unit below yours
after a few hours. A big leak could conceivably
collapse their ceiling and dump a gush of water
right in their living room! If you have no condo
insurance, you will not only be faced with repairing
and replacing your own property, but you can be
liable for repair their unit as well. Picture your
washing machine suddenly not stopping when the
barrell fills.
By the time you find out, or someone notices, it
might involve multiple units...the common areas of
the building, and cost thousands of dollars to
repair.
Then imagine one of your
electronic gadgets causing a fire.
Your condo is ruined, your next door neighbor's is
damaged...the unit below or the unit above is burned
or suffers smoke damage. If you don't have condo
insurance, you'd better have pockets deep enough to
take care of all these damages.
Somewhat related is the
condo or townhouse insurance for renters. Your landlord will
seldom provide insurance for your own belongings.
Both kinds of condominium insurance are relatively
inexpensive and can be a real lifesaver in times of
trouble such as fire and flood.
Hurricanes and
Tornadoes
|
