Charles Goodman Group: Trusted Bedford Insurance Agent
A single-family home has one homeowners’ insurance policy to cover the entire structure, but apartment complexes are drastically different. There could be a dozen homeowners living under one collective roof, making individual homeowner’s insurance policies frustrating to sort out for any Bedford insurance agent. A blanket group policy is usually the answer for condominiums and apartments to ease insurance costs and coverage confusion.
One large policy to cover an entire building or complex configuration makes claims easier to deal with as they arise through the years. For instance, two apartments have kitchen fires within the same year. Instead of creating two claims for two different insurance policies, complex management merely puts in two claims to one policy. There’s usually one or two points of contact at the insurance company to make the claim process streamlined for everyone involved.
Apartment homeowners don’t receive a bill from the insurance company, but simply pay a blanket charge called association fees. Every complex is different with their given fees. Some charges include water, trash and landscaping costs, for example. Insurance costs are divided evenly throughout a complex and simply added into the fees.
A trusted Bedford insurance agent from the Charles Goodman Group can assist you with any questions regarding automobile insurance or life insurance.
Once or twice a year there’s a payout to the insurance company to keep up with policy due dates.
Group policies aren’t too different from single-family home contracts. Fire and theft are the two major coverages. If part of a complex is burned, insurance activates to repair the damages. Vandalism to a wall, for instance, is also covered. Individual homeowners have the peace-of-mind that certain exterior damages are covered with their association fees. There’s no need to contract with another insurance company to protect one condominium.
Individual homeowners shouldn’t be too complacent about their insurance coverage, however. Not every part of the complex is protected with a group policy. It’s design to cover common areas and basic infrastructure. If an individual apartment has a malfunctioning HVAC system, homeowners must pay for the repair or replacement. They are welcome to purchase their own insurance to cover major systems, such as electrical and HVAC. This extra insurance is a smart choice, especially for systems that cost thousands of dollars to replace when older than 10 years.
If there’s ever confusion about coverage for a complex, the association manager is usually the contact of choice. They’ll have the insurance information ready or work with a known contact to ease any concerns. Homeowner’s associations make communal living easier, especially with insurance claims taking up considerable time for such large properties.