Condo Owners Couples Insurance

Is condo owners insurance necessary for newlyweds?

Condo owners insurance is similar to house and renters insurance with regards to contents and belongings, but is rather tricky when it comes to who owns the structure, and ultimately who is responsible in the case of an accident. Whereas in an apartment, if the building collapses, the building owner’s insurance not the renters insurance covers the damage. And of course, in the case of home owners insurance, it is very clear that the insurance covers a specific house. But with condo owners insurance, there is a muddy area between the condo corporation, the unit owner, and any other condominium owners that may be affected by an event.

For newlyweds purchasing a condominium, there are many aspects of the insurance that must be examined before buying an actual policy. They really need to know and understand what the Condominium Association’s insurance covers because when the time comes to make a claim, everyone is going to point to the next guy. This is why insurance companies have policies that are specific to condo owners.

For example, even if the corporation’s insurance has personal liability, condo owners may not be covered under that policy if their dog bites someone in their unit. Likewise, if the condo owner runs a business, and a client has an accident in the unit, the corporation is not necessarily to blame. In these circumstances, the condo owners will need their own insurance coverage.

Further, if the newlyweds decide that they want to renovate their unit, and have invested substantial cash into the remodeling, then the condo owners insurance should reflect this fact. New kitchen cupboards and paneling on the walls for instance are their own property and should be protected. Also, if the people in the unit above or beside go away for an extended period of time and water leaks from their unit damaging the couple’s condo, then the couple may require condo owners insurance to make a claim.

Unfortunately with condo owners, many people make the dangerous assumption that the association is responsible for the insurance. Basically, the responsibility does not extend to the interior of the building, other than the common areas. Also, if a mortgage is required to purchase the condo, the lender will require insurance at the time of purchase and during the life of the mortgage.

Finally, like home and renters insurance, condo owners insurance will cover the contents of the newlyweds’ home and protect against liability.

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