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| Please click one of the following questions to see the answer or ask a question here. |
Questions:
• What is Mold, Bacteria Dry or Wet Rot Coverage?
• Who pays for the damage to your possessions and Condominium?
• Are there any discounts available that would reduce the cost of a policy?
• What is covered under a Condo/ Townhome Policy?
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What is Mold, Bacteria Dry or Wet Rot Coverage?
A: Mold, Fungi ,Wet or Dry Rot or Bacteria has become a epidemic and causing millions of dollars of damages every year in Homes , Condos, Townhomes and most single or multiple family residences . Damages include mold spores inhalation and property damage to contain, remove and rebuild what building property damages it caused.
The older your property is, the higher risk of this water moisture is present that you may not be aware of. Anytime there is undetected water or moisture within a home from slow leaks in pipes, appliance or between walls and floors, there is a probability the mold bacteria will grow in dark places there is air for it to survive, grow and infect every porous sheet rock and dry wall within your home. This so called “black mold” is the type of fungi that is dangerous and must be detected and treated so its spores do not mushroom and become airborne.
Please be aware most all insurance policies covering you for Hazard or Property Insurance will EXCLUDE this Mold coverage because of its recent popularity concern and high cost to detect, contain, remove , perform post air quality tests and rebuilding of the building structure and walls, so insurance companies do not want to pay for damages covering or relating to it.
At Gold Mountain Insurance Services, we utilize most insurance carriers, some exclude this important Coverage , other carriers add it back into the policy as an Endorsement to cover the Mold but at a $ 5,000.00 maximum benefit for Property Damage and $ 50,000 relating to Liability Damage it causes.
Some carriers we represent, even allow Mold, Fungi,Wet or Dry Rot, Or Bacteria coverage to be increased to $ 50,000 maximum damage to building property and $ 100,000 maximum relating to liability it causes. This cost may be an additional annual increase of $ 36.00 extra per year
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Who pays for the damage to your possessions and Condominium?
A: Without a Condominium insurance policy, you will pay.
As an owner of a condominium unit or townhome, you are also a fractional owner of your Condominium or Townhome Associations, thus making you a responsible party for external physical and legal events outside of your unit. Most of the time, these extraneous events are completely beyond your control, even though you may become responsible vicariously and proportionately. The Association does carry its own insurance on the external roofs, structures and surrounding property for all of the unit owners collectively, including a blanket liability policy, but HomeOwners Association(HOA) insurance coverage does not insure the interior of your unit. If your building was damaged, in most states, you would find that everything on the inside of your framing or wall studs, including drywall, wall finishing, molding, appliances and fixtures, floors(hardwood, carpets, ceramic tile, linoleum), plantation shutters, doors, toilet fixtures, sinks, granite or tile counter tops, kitchen cabinets, plumbing and heating, air-conditioning units and more is your responsibility.
Without an individual Condo Unit Owners Policy, such a loss could leave you financially distraught. Misfortune can strike anyone anywhere - anytime. For example:
Could you cover extra living expenses (such as a hotel) if a fire forced you into temporary quarters?
Are you covered if someone burglarized your unit?
Are you protected if a visitor was accidentally hurt in your home, or if a family member caused damage to someone elses property? As importantly, what about protection for the accidentally injured party on HOA property who wins a judgement greater than the HOA's Master Policy Liability Limits maintains?
Could you provide medical care payments for injury to others even if you are not legally liable?
You can protect yourself against such losses with one special package of insurance . An individual Condominium Insurance Policy provides these valuable protections, and can close dangerous gaps in coverage while trimming costly coverage overlaps.
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Are there any discounts available that would reduce the cost of a policy?
A: Yes.
If you are a non-smoker.
If you have smoke detectors.
Limited Access Credit- If you own a condo where the complex has a 24-hour security staff, you may qualify for a 10% credit.
Mature Condo Owner Discount- If you are a mature condo owner, you save even more regardless of your employment status. Ask your Gold Mountain agent about the definition of a Mature Condo Owner.
You may also select from various deductible options to help lower your insurance cost and choose the payment plan that best suits your budget.
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What is covered under a Condo/ Townhome Policy?
A: Your Personal Property: Furniture, clothing and personal possessions are covered against loss due to fire, theft, lightning, windstorm, explosion, vandalism and a variety of other hazards.
Building Additions and Alterations: The built-in improvements you’ve made to your condominium unit (e.g., wall units, drapes, hardwood floors, plantation shutters, bookshelves, etc.) are insured up to $1,000 or more if you increase the coverage. Assessing the proper limits to be purchased is an area where your Gold Mountain agent can assist you.
Personal Liability Insurance (non-car, non-business liability): Legal Liability covers your legal responsibility for accidental bodily injury or death, or property damage to others – on your premises or elsewhere – caused by you, a member of your family, or your pets. Even if you’re not legally liable, the legal costs of your defense are covered, as well as policy provisions which provide for legal counsel prior to defense.
Medical Payments: Regardless of Legal Liability, your policy will pay actual medical expenses for accidental bodily injury (to persons other than residents of your household) caused by you, a member of your family, or your pets – on your premises or elsewhere.
Physical Damage to Property of Others: If you or a family member cause the damage, you’re covered up to $1,000, regardless of legal liability.
Additional Living Expenses: A Condo Policy covers the greater-than-normal cost of living you face when a covered disaster forces you to live in temporary quarters while your home is being repaired or rebuilt. Coverage is up to 40% of your policy limit. You are protected if any listed hazard causes loss to your personal property or to the alterations you’ve made for:
Fire and lightning
Windstorm and Hail
Explosion
Vandalism
Riot or civil commotion
Smoke
Aircraft damage
Vehicle damage
Accidental electrical damage
There are additional coverages to meet your special insurance needs. A valuable package can bundle the most popular coverage options for much less than if each were purchased separately. You’ll get protection for the contents of your condo against any risk, except those that are specifically excluded. Included causes of loss are:
Theft
Falling objects
Weight of snow and ice
Building collapse
Accidental discharge of plumbing and Heating
Freezing of plumbing heating or ventilation system
Special Personal Property Coverage: This option covers the contents of your condo against almost any risk – whether the loss occurs at home or away from home.
(Individual policies may exclude certain hazards.)
Coverage for Other Structures: This option covers structures separate from your condominium unit, but owned solely by you (such as a garage or cabana) and located on the premises described in your policy.
Units Regularly Rented to Others: When you rent your unit, you may want the broader coverage available with this option.
Loss Assessment Coverage: This policy option will pay up to $1,000 for your share of a loss assessment imposed by your condominium association. This coverage is subject to the hazards covered by your policy. Increased limits are available.
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