Condo Association Transition Insurance

Condo association transition insurance is an important aspect of coverage for any condo owner or renter. As a condo owner it is your responsible to understand what is included on your HOA policy and what is not. Then, it is up to you to purchase condo association transition insurance to cover the exclusions on your master policy. Review your master policy and compare options for condo association transition insurance online to get the most comprehensive protection that you can feel confident about.

Master Condominium Association Insurance

When you purchase a condominium, apartment or any other complex structure then you become a part of that condominium association master policy or homeowners association (HOA), a group created to protect the managers and owners of the building. One of the things that is included in this group is a condominium association master insurance policy which offers protection in the event of a hazard or disaster or damage to condo owners and building managers. Every single condo master policy is different in terms of what is included and what is excluded which is why the first step in comparing condo association transition insurance is comparing your master policy.

As part of the HOA you will need to pay a number of fees such as a rates fee for the upkeep of the landscape and lawn as well as an insurance fee for your master policy. Your premium will depend on a number of things including where you live, what type of condition the building is and what is included on the policy.

Most condo association master policies will pay for any structural damage to the building as well as liability cases in the common areas, such as the parking lot, the swimming pool and the tennis courts. It may pay for replacement windows and a ruined roof but it will generally not cover interior costs. To find out what is included you will need to delve in deeper into your policy.

In general, you can expect your master policy to include either bare wall coverage, single entity coverage or ‘all in’ coverage. Bare wall coverage entails protection for common elements and fixed furnishings in your condominium. This includes permanently installed appliances, light fixtures, etc but does not include any moveable objects, furniture or things that attach to the wall (such as wall paper or paintings). This is a fairly common type of master policy.

Single entity coverage includes protection for the common elements that were installed during the design and construction of the building. Any renovations or additional structures that were added by the homeowner will not be covered. All in coverage, on the other hand, will cover common elements plus improvements and renovations that have been installed since the homeowner first bought the unit, such as new cabinets or a new oven.

HOA Transition Insurance

Anything that is not covered on your condo association master coverage policy needs to be covered through condo association transition insurance which is additional or ‘transition’ protection for condominium owners. In general, you will need to purchase contents protection as well as liability protection through your condo association transition insurance either through a house policy or a renters policy; however, you may also want to include additional coverage options depending on the conditions in your master policy and your own insurance desires.

You may be completely satisfied with the coverage amounts of your master policy and thus your transition coverage may be quite basic. Or, your master policy may be basic form and thus you might choose a more comprehensive transition package to make up for the low limits and inadequate coverage as per your master policy agreement. Either way, be sure to compare condo association transition insurance to see what is included in each policy.

When determining how much condo association transition insurance to buy you need to ask yourself what is included on your master policy. “Buildings” may be included but what does this entail? Does this include carports, garages, decks, patios, porches, stairs, balconies or does this just include the main lobby of the building? “Structural coverage” may be part of the policy but does this mean general structure to the building or additional structures around the property including fences, fountains, gatehouses and gazebos? Does your ‘structural’ coverage include individual structures included in your house or just structures to the complex?

Transition Insurance Quotes

When it comes to understanding and buying transition coverage, there are a lot of questions to consider and a lot of fine print phrases to read over. Take your time to compare the various key terms in transition coverage and compare your options over the internet. You can browse through a number of condo association transition insurance policies and find one that is not only suitable for your needs but also complements your HOA master policy perfectly.