I do not have a list of contacts for my condo village, so I’m clueless on who to contact. Water was leaking from the ceiling (there’s a unit above mine) into my bathroom. Who would I contact and report this to? Is there a standard type of coverage that should fix any water damage? What should I do?
The leak was streaming from the ceiling into the shower (lucky me). The ceiling has a bloated bubble now about the size of 3 pancakes.

What to Expect When You Buy Condo Insurance

When you buy condo insurance, it typically covers only the actual unit in which you live. This insurance is different from apartment insurance because apartment insurance only covers your belongings and none of the structure. When you buy condo insurance, on the other hand, you will receive coverage for part of the structure.

Condo insurance, which is more formally known as HO-6 insurance, covers your personal belongings while also providing you with liability protection. This is because the structure is covered by the policy owned by the actual building in which your condo is located.

Getting Group Insurance for Your Condominium

Obviously, you will need the structure in which your condo is located to be covered as well. After all, if the structure becomes damaged, it is likely that your unit will be damaged as well. Or, even if your unit is not damaged, the damage to the property will take away from the aesthetic beauty of your condo.

In order to make sure the structure of the condo is covered, most condos require their residents to buy into the group insurance coverage when they buy the unit. The amount of the group insurance premium may be included in the regular dues that a condo owner must pay or condo owners might simply be asked to pay a certain amount of money each year to go toward the payments for the group insurance.

The types of damage that are covered by your group insurance will depend largely on the type of insurance you decide to buy and what you choose to include in your policy. Typically, group insurance coverage for a condo does not include items such as:

• Water damage that is caused by underground water or flooding

• Damage from earthquakes or mudslides

• Damage from deterioration, settling, nuclear hazard, or contamination

• Damage caused by rodents, birds, domestic animals, and insects

If you live in an area where earthquakes, flooding, or mudslides are a concern, you might want to look at having this coverage added to your policy.

Those costs that are covered by group insurance for a condo, on the other hand, typically include:

• Property damage for reasons other than those previously mentioned

• Theft or damage of personal property

• Personal liability protection when someone is injured or property is damaged within the condo property boundaries

• Replacement of locks after a theft

• Loss of refrigerated content after mechanical or power failure

• Loss assessment coverage

In most cases, you won’t have an option about paying into group coverage when you buy a condo. Since you have a vested interest in the property, however, you will typically have a say in the type of coverage your condominium decides to carry. Therefore, it is essential that you consider all possibilities as well as cost when you decide which type of policy you will buy.”

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