Town-Home & Condo
Town-Home & Condo-Owners Insurance
Owning a condominium or townhome makes purchasing homeowners insurance a bit confusing….but help is as close as your phone.
Chances are that your condominium association has an insurance policy for common areas, like the buildings, walkways, pools, etc. However you’re still responsible for covering your unit from the “walls in.” That means you must cover your personal liability, your personal property and the interior of your unit – essentially whatever is excluded from the condo association policy.
Condo owners may be assessed by their condo association for losses “outside the walls” that were not completely covered by the association’s policy. For example, if the clubhouse were destroyed, and the condo association did not have it insured, you could be assessed for a “share” amount needed to replace it. You might want to check with your agent about adding such “loss assessment coverage” to your condo owners policy.
Personal Liability: Provides financial protection for bodily injury and property damage claims from others. (3rd party claims). An example…a visitor to your unit is injured when they trip on a worn and torn rug. A lawsuit ensues. Coverage limits of $500,000 or more should be purchased to adequately protect your assets.
Two forms of Condominium/Townhome Unit Owners Policies
Broad Form provides coverage on a named-peril basis such as…
1. Fire or lighting damage.
2. Windstorm or hail damage.
3. Damage caused by explosion.
4. Damage caused by riots or civil disturbance.
5. Aircraft damage.
6. Vehicle damage.
7. Smoke damage.
8. Vandalism or malicious mischief
9. Loss from theft.
10. Glass breakage.
11. Damage caused by volcanic eruption.
12. Falling objects.
13. Damage caused by collapse due to weight of ice, snow or sleet.
14. Freezing damage to plumbing, heating, air conditioning, or household appliances.
15. Accidental discharge or overflow of water from a plumbing, heating, or air conditioning system.
16. Damage from a sudden and accidental discharge of an artificially generated electrical current.
17. Damage caused by sudden and accidental tearing apart, cracking, burning or bulging of a heating, air conditioning system, a fire prevention sprinkler system or an appliance for heating water.
Special Form provides the broadest coverage available. Losses by all the above perils as well as those not mentioned are covered unless specifically named and excluded by the policy.
Typical excluded perils. (For specific exclusions see your policy)
1. Damage caused by flood.
2. Damage caused by earthquake
3. Damage caused by war or nuclear accident.
4. Damage caused by earth movement.
Call your Local Independent Insurance Agent who can assist you in finding the best company and program for your needs.
Lowest Rates:
Insurance companies provide lower rates to homeowners who have fewer losses. Here are some things that you can do to lessen the likelihood that you will have a loss in the near future.
1. Secure your home with dead bolt locks and window locks.
2. Install a monitored security system.
3. Install and maintain smoke detectors.
4. Install a fire alarm that alerts the fire department.
5. Stop smoking.
6. Keep walks and entrances clear of snow and ice.
7. Purchase your auto and home insurance from the same company.
If you have questions about your insurance coverage call us, we are happy to assist. Bob Meyer at Miller-Hartwig Insurance, your local Trusted Choice Insurance Agent. 952-469-0414