To adequately insure your condominium or townhouse, it is important to know which structural parts of your home are covered by the condo/co-op association and which are not. You can do this by reading your association’s bylaws and/or proprietary lease. If it is not clear, talk to your condo association.
Sometimes the association is responsible for insuring the individual condo or co-op units, as they were originally built, including standard fixtures. The individual owner, in this case, is only responsible for alterations to the original structure of the unit, like remodeling the kitchen or bathtub. Sometimes this includes not only improvements you make, but those made by previous owners.
In other situations, the condo/co-op association is responsible only for insuring the bare walls, floor and ceiling. The owner must insure kitchen cabinets, built-in appliances, plumbing, wiring, bathroom fixtures etc.
Why Do I need A Complete Home Inventory?
Would you be able to remember all the possessions you’ve accumulated over the years if they were destroyed by a fire? Having an up-to-date home inventory will help you get your insurance claim settled faster, verify losses for your income tax return and help you purchase the correct amount of insurance. The following link is very useful in helping you get started:http://www.knowyourstuff.org/iii/login.html