Friday, December 9, 2011

Get A Condo? Don't Know If You Need Condo or Standard Home Insurance?

By Todd Sherwin

There are many differing types and types of household insurance that it can be confusing occasionally especially for new homeowners. Your realtor can establish the kind of homeowners insurance quotes you will want to get.

1. If Condominium Owners Association fees will be required, your house will be considered to be a condo.

Occasionally apartment buildings look like studio buildings, often they're semi-detached (share one wall), and occasionally they look like a row of townhouses.

Discover what exactly you'll be responsible to repair or replace in the event of a loss.

* Many apartment owners are required to replace or fix anything from the wall studs inward. If this is the case, you'll be accountable for walls, flooring, cabinetry, counters, appliances and fixings as well as your private stuff.

* The Condo Association typically will be accountable for the exterior walls and roof.

* Most insurance companies that sell condo insurance have 2 main parts to your coverage: Permanent fixings and personal property. For example: If you might turn your apartment upside down, anything that falls out would be considered personal property or your belongings. This could include furniture, clothing, electronics, housewares, toiletries, jewelry, movies, for example. Everything that would stay put would be considered permanent fittings, on occasion called "Additions and Modifications" or "Dwelling". You'll need to have a projected breakdown of how much coverage you want.

* Apartment policies will mechanically include coverage for liability loss, medical, and loss of use.

* Condo policies can also be customized for wider coverage, itemized personal property, and further hazards.

2. If your home is a single-family house, or if you have a home or townhouse that needs Homeowner Association Fees, you'll need the standard homeowner's insurance policy.

* As a homeowner, you'll be accountable for all loss to every part of your home, other structures that come with the property, and any personal property.

* The standard household insurance policy will cover the replacement cost of the dwelling, contents, liability, medical, and loss of use.

Ask your realtor to determine what type of coverage you want because there'll be a big difference in price based on the type of policy and the sort of risk. This provides the best quotes when hunting for insurance.

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