Things You Need to Know When Insuring Your Glenbrooke Condo
Things You Need to Know When Insuring Your Glenbrooke Condo
If you’re a first-time owner of one of the , chances are you have minimal knowledge about condo insurance. Insuring a condo is quite different than insuring a regular home because you share building ownership with other unit owners. This can cause confusion as to who is in charge of maintenance and to what extent.
Master Policy
Usually, the condo’s association has a general insurance paid for by the homeowner's association (HOA) dues. This is known as the Master Policy. According to Trusted Choice®, an organization of licensed independent insurance agents and brokers, there are the two types of master policy:
- An “all-in” condo master policy: Also known as a “single-unit” master policy, this type of policy covers the fixtures in your condo such as the appliances, wiring, plumbing, and carpets, but does not cover personal property that you own.
- A “bare walls-in” condo master policy: This policy does not cover anything contained within your walls. It may or may not cover your condo’s plumbing and electrical systems.
Take note that thefts, burglaries and accidents happening outside the common areas are not covered. Be sure to review the association's master policy to determine the scope and specifications of the insurance.
HO-6 Policy
For your added security, you can avail an individual policy for your unit. This policy is also known as HO-6 and it covers what the master policy doesn’t cover. The most basic condo insurance policy includes not only the interior of your unit, but may cover damages, destruction and theft of your personal belongings as well. It can also cover your loss in the event that your unit becomes badly damaged by fire or storm. In addition, it can also protect you against liability claims if you are responsible for another person’s injury or property damage.
Umbrella Insurance Policy
An umbrella policy provides liability protection that will exceed what your condo and master policies cover. Simply put, it acts as an “umbrella” over your risks and other finances.
There are many benefits of insuring your Glenbrooke condo in Bridgewater NJ. Think of it as a financial cushion – the more comprehensive your coverage, the less money you are likely to spend for future disasters. You’ll have fewer worries and sleepless nights. Just make sure you review the policies to ensure that you are adequately covered and protected.
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