Las Vegas Condo Insurance
If you own a condominium, your residence itself likely comprises the largest part of your investment. Nevertheless, you are sure to have items of value stored within its walls. Their protection is vital, but don’t think that your homeowners association bears any responsibility for them. Regardless of any amount of dues or maintenance fees you pay on a monthly basis, you alone are accountable for protecting the contents of your condominium.
What a Condo Association’s Insurance Normally Covers
All homeowners associations of condominiums carry master insurance policies that cover your condo’s physical structure and surrounding property. Unfortunately, this coverage does not extend to your unit’s contents. As a rule, the homeowner’s association of almost every condominium complex will hold the individual owners responsible for any property damage that occurs within their condos.
In addition, although these master policies will normally cover damage to the property’s common areas, it is not unheard of for a condo association to pay down the deductible by levying assessments against owners of the individual units.
Commercial Insurance Policies and Expected Events
Any commercial insurance contract will pay only for damage resulting from an unexpected occurrence. In consequence, an HOA’s master policy will exclude coverage for any destruction resulting from:
- Lack of maintenance
- Improper installation or repair
- Normal wear and tear
- Inferior design
- Uncorrected defects.
For example, if a leak in your condo’s roof results in water damage to the building’s interior, the association that hopes to collect, must prove that wind and rain alone led to the subsequent destruction. If poor installation or inadequate maintenance caused a defect that allowed the rain to enter, the HOA’s master insurance policy will refuse to cover that particular loss and others that may later occur for as long as that flaw goes uncorrected.
Specific Exclusions of a Condo Association’s Master Insurance Policy
In the belief that the safety of your belongings is your own responsibility, your HOA’s master insurance will specifically exclude protection for your unit’s:
- Capital improvements and unit upgrades
- Cabinetry and other permanently attached fixtures
- Wall and window coverings
- Carpeting and hardwood floors
The HOA’s master policy will also decline to reimburse you for food, rent, personal liability, loss of use and any expenses you may have incurred during relocation made essential by an uninhabitable unit. The protection of all such things is up to you.
Condo Owners’ Insurance in the State of Nevada
In the state of Nevada, condo or HO-6 insurance will typically covers such items as:
- Books, clothing, paintings, jewelry and other personal possessions.
- The cost of replacing your primary dwelling or any of its specified permanent attachments.
- The medical or funeral expenses of any person who should happen to suffer a major or minor injury while inside your living quarters.
- Liability for damage to the property of another that might take place inside your condo.
- The cost of repairing damage caused by fire, water, glass breakage, vandalism and other dangers beyond your immediate control.
According to Nevada’s revised statutes, the homeowners association’s master insurance contract will stand as primary payer for all property losses that meet the conditions and terms of that particular policy. If it should fail to cover a particular loss, the role of primary payer will then default to the condo owner’s policy. These things are true regardless of which party should prove to have been at fault.
Finding the Optimal Condo Insurance Policy for You
Every condo owner is unique, and the condo insurance that’s right for your neighbor may not be right for you. However, finding the perfect policy takes time and effort that you might not care to expend. At All Kinds of Insurance, we do the legwork for you, ensuring that the policy you get covers what you need at a reasonable price.
Don’t leave your unit’s valuable contents unprotected. Call us today at 702-534-4697 or click on “Get a Quote” and let our professionals get an immediate start on finding the condo insurance that meets your particular needs.