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What does alterations and additions mean on a condo insurance policy?
Wiki User
∙ 13y ago
Usually, alterations and additions to the interior of a condominium unit means changing the interior of a unit by turning a closet into a study or nursery, for example, or adding a half-wall in a great room.
Otherwise and without alterations and additions, the condominium unit is described as the builder built it and finished the interior.
NB: During the period when alterations are being performed, it's a good idea to check with your HO-6 policy agent and the association's master policy agent to verify that you have insurance coverage for any incidental damage that occurs during construction.
Wiki User
∙ 13y ago
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Is a ho 6 insurance policy the same as a ho 3 insurance policy?
No. "HO3" is for owner occupied dwellings. "HO6" is an owner occupied, condo unit owner's policy. HO3 is for the house itself (dwelling), personal property, liability, and loss of use. HO6 is for personal property, "walls-in" coverage (usually called additions & alterations), liability, and loss of use
How would wood flooring be insured under an condominium policy?
It depends. If you added or customized the flooring from the original floor plan than you have additions and alterations. These types of changes are covered on your Coverage A on your condo policy. If it is the original flooring than it would depend on what your condo associations master policy covers.
What is a condo insurance expiration date?
Your insurance policy clearly states its date of expiry.
What is the difference between betterments and improvements and additions and alterations in a condo policy?
When buying insurance, it is key that you get an explanation, preferably in writing, from a broker when/if the policy uses any of these terms, to satisfy yourself that you're buying the coverage you need/ want.Here's one interpretation of the terminology, which is not standard:'Betterments and improvements' tend to suggest upgrades of existing fixtures, equipment, appliances and so forth.'Additions and alterations' tend to suggest adding something, such as a new deck or a new bathroom -- addition or alteration to a space used in the past for some other purpose. These terms are most commonly used in commercial policies, but not unheard of in condominium policies.
What policies are offered by General American Life Insurance?
There are many policies offered by General American Life Insurance. These include the Variable Life Insurance policy, the Condo Insurance policy and the Boat Insurance policy.
Do condo insurance cover motorcycle theft?
Read your policy and check with your broker for the answer you want.
How to Determine What Type Of Condo Insurance to Buy?
Condo insurance is not the same as insurance on conventional homes or renters. Condo owners need to ensure that their policies cover all their possessions that are not covered by the Condo Association’s insurance policy. By reading the fine print in the purchase agreement and the insurance policy, a condo owner can determine exactly what type of insurance policy will cover what is not covered by the collective insurance already provided. The condo association will normally collect dues from owners to cover common areas of the complex and sometime installations. The association’s bylaws will state exactly what is covered under the association’s policy. The association’s policy may have a deductible, which is usually divided equally among the unit owners. Collectively, owners may have a “bare walls” policy which covers all real property from the exterior framing inward, but does not cover fixtures or installations within a condo unit. Another type of policy referred to as an “all in” policy covers fixtures and installations, along with the structure and any common areas. The owner needs to know if the policy is cash value, which covers the cost of replacing the items minus depreciation, or if it covers the full replacement cost. If the association has a bare wall policy, the owner must buy insurance to cover features such as countertops, bathroom and kitchen fixtures, flooring and personal items. With an all in policy, the owner may only need to cover personal items. Most insurance companies offer a special unit owners policy, but to save money and ensure that all items are covered, the condo owner needs to determine what he owns and what is covered by the association’s policy. Condo owners are typically responsible for insuring just their property, but the rules differ from complex to complex, and it's important to ask the right questions to ensure you have proper insurance coverage. Usually, condo owners are not responsible for cutting the grass or shoveling ice from the front walk, but they must insure that the proper condo insurance is in place to protect them from any lawsuits related to these things.
Is leaking pipes inside the wall covered in condo insurance?
Typically, the coverage for leaking pipes inside a condo's walls can be a bit complicated due to the unique nature of condo ownership. Insurance coverage in condos is generally split into two parts: condo association insurance (also known as "master policy") and individual condo owner's insurance (HO-6 policy). The condo association's policy often covers parts of the building structure, which could include pipes inside the walls. However, it can also depend on the specifics of your condo association's master policy and whether they have an "All In" or a "Bare Walls-In" coverage. An individual condo owner's insurance might cover the damage to personal property and any improvements made to the unit, like upgraded kitchen appliances. Essentially, whether or not a leaky pipe inside the wall is covered depends on where the pipe is located (common area vs. within your individual unit), who is responsible for its maintenance (as outlined in your condo by-laws), and the details of both insurance policies. At Daisy, we've learned that understanding your condo documents and insurance policies is fundamental to knowing what is and isn't covered. It's always advisable to consult with your insurance provider or a lawyer to fully understand your coverage.
New Condo Owners?
You finally purchased the condo you have always dreamed of. Now it's time to insure your possession. When purchasing condo insurance it's important to know you are going to need two kinds of insurance. Your homeowners insurance covers your new home and a master policy covers the common areas in the condo. The master policy is provided by the condo association. As stated above it covers the common areas in the complex such as the roof, basement and sidewalks. Make sure you read the fine print in this policy, as you don't want to be surprised if something happens. Ask your agent if your insurance coverage will protect you when and if something happens in one of the common areas.
Is condo insurance responsible for flood damage?
If the master policy is written to include flood coverage, then, yes.
Why should you get a condo insurance?
If your condo is insured, you can receive enough cash to replace your damaged belongings. This type of home insurance gives you security and peace of mind, which are definitely worth the additional expense you will pay for the policy.
Does condo insurance cover land erosion?
Read your master policy and work with your broker to determine whether or not the policy covers land erosion.
