Keeping your place safe and secure.
What IS a Condo?
Condominiums may be a townhouse, individual apartment or a full floor suite. For many, those descriptions also sound a LOT like a place they’ve rented. Both of which are true. So the definition for a condo or Co-op is NOT about the type of structure, but about ownership.
Who owns what?
In most cases there is a corporate entity or sole owner for the condo. This “owner” is the one to whom you pay your fees and who maintains the exterior and grounds. In fact, this organization is most commonly responsible for maintenance on common areas such as exterior entryways, hallways and any associated club house or commonly accessed social-use buildings.
But once we move to the interior walls of your condo, this is where their responsibilities may end.
All of that is what makes your condo agreement and insurance for your condo so important.
Doesn’t my HOA cover that?
We advise those in the process of purchasing a condo to closely examine their agreement. You may even choose to share this document while in the course of getting a condo insurance quote. An experienced insurance professional can offer advise which impacts your decision to buy. Because these agreements can vary greatly, it’s important for you to understand the expectations and your responsibilities. Without a doubt though, your HOA’s insurance will not cover personal items and possessions in your condo or loss due to theft damage due to your actions.
What defines an “Interior” or “Common Area”?
The interior can be defined as either common areas (such as hallways) or your living room. But their location will define who is responsible for what, based on the signed agreement. For instance, if one of your guests trips and falls, injuring themselves on a loose step in the hallway, the property owner becomes responsible for any ensuing claim. However, should you use club house (a common area) and bring in a throw rug, and one of your guests trips and falls, you may find that the responsibility becomes yours. This also holds true for and damages or injuries that occur inside your condo.
It’s about the money, and more
No one we’ve spoken with displays a disregard for the safety of guests to their condo. So while we all want to enjoy the spaces in which we live, it’s also understood that accidents can happen. That’s the best reason to speak with condo insurance companies that understand your unique needs as an owner. Most corporate entities operating condominiums carry insurance policies which cover the most expectable insurance needs. However, in the event of a personal injury, should the Association’s insurance coverage prove to be inadequate, you may find the responsibility for coverage comes then to you.
For more information on the coverage and cost of a condo or co op insurance policy, contact us here. NJINSURE.com looks forward to serving you.