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Renters strip 052016  

For Condominium Unit Owners / Townhouse Unit OwnerS

  • Review the amount of fire insurance coverage that you carry on your condominium unit.
    The amount of coverage you carry, (The Replacement Cost), should reflect the total cost to rebuild your unit at today’s labor and materials costs. It is very important that you determine what your insurance responsibilities are as outlined in your condominium by-laws or master deed. A representative at your condominium association should be able to advise you of what you are responsible for insuring. Unfortunately, not all condominium by-laws are the same. Often there is very little uniformity among condominium associations. You need to determine if you are responsible for insuring interior walls, ceilings, kitchen and bathroom cabinetry, fixtures, doors, windows, etc… and arrange your coverage accordingly.

  • Review the amount of fire insurance coverage that you carry for personal property.
    The amount of coverage you carry should reflect the total cost to replace “ALL” of your personal belongings including clothing, furniture, televisions, radios, computers, dishes, etc….
    The personal property limit you choose should be adequate to replace everything you owned before a fire damaged your unit.

  • As a condominium unit owner, be sure to carry at least $25,000 of Loss Assessment coverage.

FOR TENANTS

  • Review the amount of fire insurance coverage that you carry for personal property. The amount of coverage you carry should reflect the total cost to replace “ALL” of your personal belongings including clothing, furniture, televisions, radios, computers, dishes, etc….
    The personal property limit you choose should be adequate to replace everything you owned before a fire damaged your apartment.
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