What Insurance Coverage Should I Get?

The must-have condo insurance coverage for your North Miami Condos. Some recommendations as to the coverage one should get to ensure their condo and what to insure. Trying to figure out what insurance coverage you need when you live in a condo. Who is responsible for what, what should I get coverage for, what if I get damage from my neighbor, what if I am the one that caused the damage!

Any owner of a condo or townhome should be aware that their personal property and possessions, personal liability and upgrades to the unit are most likely not covered by the Condominium Master Insurance Policy.

Any damage caused to your residence from either inside your unit or by your neighbor or for that matter common elements that the association is responsible may become an issue. You need to take out your own Condominium Unit Owners Policy.

What Does Condo Insurance Cover

An insurance policy will not cover everything that could possibly go wrong with a condo. The details are all in the fine print within the policy. Especially when you live in North Miami and have so many things to worry about, here are a few to consider.

Hurricanes, floods, wind and other natural disasters. Plus living in a multi-story condo complex of few hundred condo owners dozen living below you and above you. So now you have to worry about leaking toilet or tub, leaking pipes inside walls, etc.

For the interior and for your possessions, condo insurance will cover potential losses, such as theft or damage from fire. You also need to protect yourself from liability claims and lawsuits if someone is injured in your condo or you are responsible for damage to someone else's property. Coverage for condos is not expansive and could run in $300 to $600 a year depending on the coverage you choose.

Consider Insuring for This

Personal property: In most cases, condo unit owners are responsible for ensuring their possessions against theft, damage, or loss. Personal property coverage ensures your clothes, furniture, electronic equipment, and other household items for their replacement value or their actual cash value (original price minus depreciation). Your property is usually covered whether it is in the unit or you have it with you when you are away from home.

Loss of use: This coverage applies if you temporarily have to live elsewhere because your condo was made uninhabitable by a fire or other covered peril. The policy will reimburse you for the portion of hotel bills, meals, laundry, and other living expenses that exceed what you would pay if you were living in your home.

Personal liability: Liability coverage protects you if others make a claim or bring suit against you for physical injuries, bodily injury or property damage for which you are responsible. It also provides protection if you or a family member causes damage to others' property. Some policies will pay for the defense and court costs, in addition to settlement costs.

Hope this information was helpful and answered some of your questions. Leonard is a Broker Associate in Sunny Isles Beach with Dezer Platinum Realty. If you have a question about condos in the area you may contact him at 786-505-4786