Is your property/unit Adequately Insured?

Association owners sometimes assume that the association’s master insurance policy is all the coverage they need for their property/unit. The master policy actually only covers the Association’s common areas, not your personal belongings, or any upgrades you’ve made to your property/unit. For example, upgraded flooring, new cabinets, appliances or renovations are not covered by the association’s master policy. And it does not cover areas that are only used by you, like the balcony or the water pipes that only supplies your property/unit.

All owners need their own insurance coverage for the inside of their property/unit, their belongings, and any damage that might have been caused within your property/unit (such as a leaking toilets, drains…). In a few rare cases where coverage is provided under the master policy, you will still be responsible for the deductible. To have your personal belongings and any deductibles covered, you need to invest in your own insurance policy, available from most carriers. These policies generally cost only a few dollars each month and are well worth it! Be sure to ask about water or sewer backup coverage. Sewer backups are not unheard of, and a standard policy won’t cover the damage to your unit without the sewer backup coverage.

If you have any questions regarding what type of coverage you need, please contact your insurance agent. Your agent should be familiar with the type of coverage need.

Regards,
CID Management