In some ways, owning a condo, townhome or co-op is easier than owning a single-family home. Often, maintenance is handled by the association management firm. If snow falls, that’s a huge relief, isn’t it? When it comes to insurance, things are different, too. Condo associations generally take care of insuring common areas. But insuring your unit and its contents is your responsibility.
Condo, townhouse and co-op coverage protects your possessions inside your unit, including your furniture, your appliances and your personal items. The insurance also protects you against expense that might arise—including a lawsuit—if someone happens to be injured in your unit.
The insurance professionals at Trovato Associates understand the risks that come with condo, co-op and townhome ownership. We know what coverages you need and we can access dozens of highly reputable insurance companies that offer policies designed just for your situation. Coverages we address include:
• Real property. We make sure the structural part of the condominium, townhome or co-op you own, such as interior walls, appliances, fixtures, plumbing, ductwork, wiring, carpeting, flooring, possibly private garages, and permanent improvements you make to the property, are covered.
• Personal property. Those are possessions that are portable—things like clothing, furniture, toys, books, artwork, home electronics, computers and other things you don’t want to pay for if they’re stolen or damaged by a covered incident.
• Loss assessment. Sometimes members are required to make contributions for the repair or replacement of property that is owned in common. Your condo insurance policy should address this.
• Additional living expense. What happens if you can’t stay in your unit because of a fire or other incident? You’ll want your condo insurance policy to cover the added cost of temporary housing, food and other extra living costs if you’re forced from your condo, co-op or townhome by a covered cause of loss.
• Liability. This type of insurance covers you for your negligence in injuring other people or property on your premises that the condo association is not responsible for.
• Medical payments. You’ll be covered for the costs of taking care of minor injuries to people other than residents of the household where the payment does not require a lawsuit.
Whether you own a condo or townhouse or are considering buying one, we encourage you to learn about your specific exposures. Read through your association documents—the bylaws, rules, regulations, provisions and other items. In them, you’ll probably learn what you need to insure. In addition to personal items, for instance, you may be responsible for your unit’s walls. Or you may not. You may need to cover your detached garage. Or not.
If you’d like, we can look through those documents for you to see what’s what and to make sure that there are no coverage gaps in your current condo insurance policy. Just give us a call at 585-563-6553 or stop by our office. We’re always happy to meet with you to get your condo, townhome or co-op covered properly and at the best possible price!