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I'm wondering exactly what "master insurance," included in a condo fee, covers. Is this the same as the complete coverage you'd get with an insurance policy on a house? Or is supplemental insurance needed, say for anything on the interior of the condo?
The "master insurance" basically covers the stuff that happens to the common areas. It does NOT cover your unit. You need a get a "home owners" policy for your unit.
I'm wondering exactly what "master insurance," included in a condo fee, covers. Is this the same as the complete coverage you'd get with an insurance policy on a house? Or is supplemental insurance needed, say for anything on the interior of the condo?
Quote:
Originally Posted by chet everett
The "master insurance" basically covers the stuff that happens to the common areas. It does NOT cover your unit. You need a get a "home owners" policy for your unit.
^^^
Yes. I have a condo. I had to get "walls in" insurance to cover anything that happens to the interior as well as my possessions.
Yes you need your own coverage. They only cover common areas. You have to find out what they consider common areas. It matters for the walls and ceiling where they define common area. So if you have a water leak you need to know where your property line stops and yours starts.
I would get a copy of the condos insurance and bring it to a good insurance broker. Every condo has its own rules as to what it covers and what is the individual owner's responsibility.
I once lived in a town house where the HOA insurance covered returning the unit to its original state if it were destroyed by fire, etc. That meant that any upgrades to kitchen, bathrooms, etc. would not be covered.
Since we had done upgrades, my insurance agent had me send him copies of the bills, so they were on file should the worst ever happen. Don't know that I would have picked this up on my own.
A good agent will be able to tell you exactly what you need coverage for on your own policy.
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