Many condominium owners do not realize that there is actually a difference between general homeowner's insurance and condominium home insurance. Even though similar in many ways, there are several distinct differences. If you are the proud owner of a condominium, you should find out about the differences between the policies and understand why they exist.
As a condominium owner, you should know that simply because your housing association has your dwelling covered under a policy, it does not mean that you or your belongings are protected. All housing associations insure their condominiums; however, if you were ever to inquire as to what this insurance policy covers, you may be surprised to hear that you personally are not really represented. Although different housing-association insurance policies cover different things, in general the same main items are insured -- these being any shared parts of the building. This includes outer walls, water and gas pipes and so on. Once anything in or associated with your condo alone is in question, it will not be covered under the association's policy. Thus, all of the fixtures and fittings, all personal items, cabinets and so on will have to be covered by an insurance policy taken out by you.
Condominium home insurance makes sure that you are covered to a degree where general home insurance leaves off. For example, within the policy extensive, attention is placed on personal belongings. This is what would be claimed for mostly in the event of a disaster. Remember, the housing association's insurance would cover basically the structure itself; items inside are your responsibility. Thus, the amount that you insure for should be able to replace appliances, cabinets and the like, as well as smaller items that usually fall under this category.
Also consider including additional expenses coverage in your condominium policy. If the structure is badly damaged, it is the housing association's coverage that will have to take effect to get the dwelling back into a proper state to reside. Since this process may take a long time, you will need to find another dwelling to stay in. With additional expense coverage, you will be reimbursed for your living expenses while you are living elsewhere.
If you own a condominium, make sure that you are protected against any occurrence. Call Pro Player Insurance Group at 855-367-7744, and we can answer any questions you have about what is covered by your association's insurance and what you need to cover yourself in a Fort Lauderdale condominium insurance policy.