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Every condominium owner has an interest in the common
elements of the building, which include exterior walls, the roof,
plumbing, electrical, and heating and air conditioning systems.
A portion of the association dues are allocated for the condominium
insurance that covers these common elements. The ownership of property
and specifications for providing insurance are outlined in the condominium
association agreement. Fixtures, improvements and alterations attached
to the building within the individual unit such as paneling, cabinets,
carpeting and various appliances may be considered either association
property or unit-owners property depending on the provisions of
the agreement.
The condominium association's policy is designed
to cover these common elements in the event of a fire, catastrophe
or other liability claim. Unit owners should be reminded, however,
that the association's policy does not extend to property within
the unit. To insure the loss of possessions, owners need an individual
condominium unit owner's (HO-6) policy that protects things like:
- All interior built-in
features (cabinets, floorings, wall coverings, appliances,
etc.)
(Not covered by the association as outlined in your particular
association agreement)
- All personal property
in the unit
- Loss of use coverage,
which pay for expenses if the condo is uninhabitable due
to fire or other covered loss
- Personal liability
coverage
- Medical payments
coverage
- Personal umbrella
- Scheduled valuable
personal property, for things like jewelry, furs, fine art,
etc.
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When damage
occurs to a building, both common and private areas are often affected.
Informing condominium owners about what is covered by the association
policy and what is left up to them is your best tool to keep everyone
protected. For more details about individual condominium policies,
owners can call us for a free consultation and quote at (630) 574-3573.
S.T. Neswold & Associates, Inc.
210 West 22nd Street, Suite 124
Oak Brook, IL 60523
Phone: (630) 574-3573
Fax: (630) 574-3578
Michael
P. Mackey
mmackey@neswoldinsurance.com
James J. Neswold
jneswold@neswoldinsurance.com
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