Casa Al Mare Freehold
Casa Al Mare Freehold
Casa Al Mare Freehold Condominium and HOA Insurance Basics
By http://singnewhomes.com/casa-al-mare-showflat-freehold-pasir-ris/
Casa Al Mare is a new freehold condominium located at Jalan Loyang Besar in Pasir Ris. Casa Al Mera offers you a unqiue resort living lifestyle ! near Changi Airport .No one likes to deal with insurance or insurance companies, this is just a natural fact, however a necessity of life. Insurance policies can be rather confusing and most people feel like they need a lawyer to translate all the legalese that is contained within a policy. Outlined below is Insurance 101 when it pertains to Condominium and Home Owners Association (HOA) insurance policies.
Condominium Policy – HO-6
Even though your HOA owns an insurance policy for the common areas of the property you, as a homeowner, need to obtain your own Condominium insurance which is called an HO-6 policy. A condominium insurance policy protects your condo against water damage, covers damage to your personal property, theft, burglary and liability in the event someone inside of your condo slips and falls injuring themselves.
As a condominium owner you are responsible for your own interior walls and possibly fixtures (this is if you upgrade the original fixtures inside of your condo). You are also responsible for your own personal property and any liability to others while inside your condominium unit. Most condominium policies cover damage due to: fire or lightning, windstorm, hail, smoke, VMM (vandalism and malicious mischief) theft and accidental discharge of water such as an overflowing toilet.
When looking into condominium insurance choose a policy that is an ACV (Actual Cash Value) policy. ACV means if any of your personal belongings are ruined or stolen you will get the actual replacement cost of such items less any applicable depreciation and deductible that may apply.
If you have valuable jewelry or expensive art work, you will need to have these appraised and have an endorsement added to your condominium policy as the basic policy only covers up to a certain dollar amount of jewelry and artwork. The same goes for firearms, if your firearms are worth over $2,500.00 you will need an extra endorsement to achieve full coverage. Cash is not covered under any type of insurance policy.
Casa Al Mare Freehold Condominium and HOA Insurance Basics
By http://singnewhomes.com/casa-al-mare-showflat-freehold-pasir-ris/
Casa Al Mare is a new freehold condominium located at Jalan Loyang Besar in Pasir Ris. Casa Al Mera offers you a unqiue resort living lifestyle ! near Changi Airport .No one likes to deal with insurance or insurance companies, this is just a natural fact, however a necessity of life. Insurance policies can be rather confusing and most people feel like they need a lawyer to translate all the legalese that is contained within a policy. Outlined below is Insurance 101 when it pertains to Condominium and Home Owners Association (HOA) insurance policies.
Condominium Policy – HO-6
Even though your HOA owns an insurance policy for the common areas of the property you, as a homeowner, need to obtain your own Condominium insurance which is called an HO-6 policy. A condominium insurance policy protects your condo against water damage, covers damage to your personal property, theft, burglary and liability in the event someone inside of your condo slips and falls injuring themselves.
As a condominium owner you are responsible for your own interior walls and possibly fixtures (this is if you upgrade the original fixtures inside of your condo). You are also responsible for your own personal property and any liability to others while inside your condominium unit. Most condominium policies cover damage due to: fire or lightning, windstorm, hail, smoke, VMM (vandalism and malicious mischief) theft and accidental discharge of water such as an overflowing toilet.
When looking into condominium insurance choose a policy that is an ACV (Actual Cash Value) policy. ACV means if any of your personal belongings are ruined or stolen you will get the actual replacement cost of such items less any applicable depreciation and deductible that may apply.
If you have valuable jewelry or expensive art work, you will need to have these appraised and have an endorsement added to your condominium policy as the basic policy only covers up to a certain dollar amount of jewelry and artwork. The same goes for firearms, if your firearms are worth over $2,500.00 you will need an extra endorsement to achieve full coverage. Cash is not covered under any type of insurance policy.