So, you own a condominium and you need coverage, but for what and how much?

As an owner of a condo you have shared walls and shared spaces with your fellow condo owners. The condo association is responsible for the insurance coverage on the shared spaces. It is imperative that you get a copy of your condo associations insurance policy and understand exactly what they cover and what they do not. Some condo association policies cover the walls including the sheetrock. Some condo association policies do not cover the sheetrock/ paneling etc.  Be sure you know what is covered under their policy so you do not buy that coverage on your policy. Other fixed structures like cabinets, wallpaper, flooring need to be covered under your policy. So in addition to your “stuff”, furniture, clothing, electronics, antiques, jewelry etc, do not forget to cover those fixed items.

In the event the condo association has a loss, lets say for instance a hurricane, who covers the damage to common areas? If the recreation center is damaged by a fallen tree or wind, the condo association’s policy will cover the damage up to the limits of the policy. If there is a deductible or the damages exceed the policy limits, then each member of the association will be assessed an equal portion.  You can avoid this assessment if you have a rider on your individual policy called “Loss assessment.” This coverage is usually not expensive and can really be useful when it is needed. Remember, it has to be added to your policy so make sure you ask your agent. Loss assessment only offers coverage up to the limits of your policy and only covers for damages caused by a covered peril; ie storm, fire etc. Often there will be a deductible that applies so be sure to ask about the amount- often $250/$500. Sometimes condo associations will assess condo owners for maintnance issues such as painting, landscaping etc- these are not covered under loss assessment, only perils stated in the policy will be covered.

The East Cooper Insurance Agency recommends that you get a copy of your condo associations policy and a flood elevation certificate for the building your unit is in and let one of our agents consult you on the best possible coverage for your situation.

Philip L. Bradley, Agent

Philip L. Bradley is the CEO of The East Cooper Insurance Agency in Charleston SC. He is a Personal Financial Representative and is licensed in the State of South Carolina in property/casualty and life and health.

Renters insurance- It’s More Than Just Your Stuff!

Whether you are a recent graduate from college and on your own for the first time, or someone who has elected to rent versus the hassle of a mortgage, if you rent, you need renters insurance.

Renters insurance covers you for more than just your “stuff.” Renters insurance also carries valuable coverage for liability and medical expenses.  If you look at the value of a renters policy, you will find that you have extensive coverage for usually a small premium of roughly $250-$400 depending on the amount of content coverage you select.

Determin the approximate value of your “stuff” (contents.) Often people will itemize big items such as televisions, antiques, artwork, jewelry, guns computers, and other high value items. Other items can be estimated such as clothing, kitchen utensils etc.  Many people will document their contents by videoing their content in order to have evidence of the contents they do own. After evaluating the value of your contents, you may be surprised at how much you do own and how much coverage you need. Often a lot of little things add up over the years, just take a look at your CD/DVD collection! If you do document your contents, keep this documentation somewhere other than your home. Obviously, if there was fire or other disaster, you would probably lose this documentation. Keep it at a friends house or at the office.

When looking for a renters insurance policy to buy, search for a local agent that you can see in person. Buying from a local agent is important, especially in Charleston, because they know the consequences of living in a coastal community that is threatened by hurricanes. Local agencies, like The East Cooper Insurance Agency, have a keen knowledge of the risk that exist in a coastal environment.  “Insuring against all of the risk that you face as a renter in Charleston is a priority of ours,” said Philip Bradley owner of The East Cooper Insurance Agency.

Bradley explains that most renters do not realize that one of the most important coverages that they have on a renters policy is liability coverage. Liability coverage is a coverage usually in the amounts of $50,000, $100,000 or more, that covers you in case you are liable for an accident. Dog bites, a child that hits a baseball through a neighbors window, a nasty golf slice takes out a car window while playing The Municiple Golf Course - any of these examples would be covered under your renters policy for you and family members living with you.  If another person were visiting your home that you rent, and tripped on something that you accidentally were negligent in leaving in the way, medical expenses on your policy would help with their medical bills.

Renters insurance does not give you coverage for your “stuff” in case of a flood. If you are in a flood prone area you should carry flood insurance which is a separate policy. If you need to determine your flood zone, ask your landlord for a copy of the flood elevation certificate that is on the house/apartment building you are living in. This elevation certificate is what your agent will need in order to give you the FEMA rate for flood insurance.

Another important coverage is rental reimbursement for living expenses if your are unable to continue living in your rental house/apartment after a disaster; ie- fire, hurricane, tornado. If you are forced to leave your home, often rental insurance will cover the difference in what you normally pay versus the rent you have to pay until your home is repaired. Other expenses are sometimes covered as well, such as food, clothing etc. Check with your agent to make sure you have this coverage. This is an important feature to have on your renters policy while living on the coast in Charleston,  SC.

Getting a renters insurance policy that covers your individual needs, one that is tailored to your situation is very important. It is not one size fits all and a local agent can guide you through the process of getting the right coverage you need. Remember, not all of the features discussed above are automatically a part of your policy. Often you have to request these additions to the policy. It is crucial to discuss in person with your agent, all of your concerns as a renter.

In order to get more information on renters insurance, please call Philip Bradley at The East Cooper Insurance Agency at 843-881-2886 or toll free at 888-375-7108.

Philip L. Bradley is the CEO of The East Cooper Insurance Agency in Charleston SC. He is a Personal Financial Representative and is licensed in the State of South Carolina in property/casualty and life and health.