As a unit holder, you need a unit insurance to protect your home and property from fires, storm damage, theft and vandalism.
If you are like most shareholders you are probably asking, "how much location insurance do I need?"
The truth is that there is no one-size-fits-all answer – the amount of insurance you need depends on a number of different factors.
To help you figure it out, we take a closer look at apartment insurance in this article.
How much share insurance do I need?
To find out how much apartment or townhouse insurance you need, make an inventory of all the items in your home.
While this is not someone's idea of fun, some apps may make it easier. If you prefer to develop your own system, create a spreadsheet and do it your way.
Whatever method you choose, back up your data and include photos in your documentation.
Then re-examine your HOA's insurance. What exactly does it cover? And what do you have left? Look especially at things like:
If the HOA policy covers some or all of these items, you can safely use a lower coverage option.
However, if they do not cover these items, you must choose a higher coverage amount to protect yourself.
There may also be apartment insurance claims from your mortgage company that you must follow when buying your home.
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Which apartment insurance covers and does not cover?
Co-operative insurance provides coverage for a variety of losses for both your unit and your property.
While each insurance is different, you can expect most to cover:
Damage from fire, smoke and explosions
Your policy covers any damage to your home due to these events.
Storm damage from lightning, wind and hail
Storms can cause extensive damage to your home and your insurance covers the cost of t he repairs from these events.
If someone is injured in your unit, your location insurance covers their medical bills and any legal costs that may arise as a result of the incident.