While a condominium doesn’t need as much insurance as a house, if you own a condo you will need to have more insurance than a renter.  Some of the insurance coverage you need includes personal property and liability. But how do you know if your current condo insurance policy covers enough?  You can check by asking your insurance agent and condo association the following questions:

* What are your ownership and insurance responsibilities in the condo association’s master deed?

* Which areas of the structure are you responsible for?

* Does the policy you are considering include broad water damage coverage for problems such as sewer and drain back-ups?

* What are your condo’s interior features and which parts of the structure do you own?

* Are there any discounts available if you carry multiple policies, or have a security system and fire resistance?

* Does your condo association provide comprehensive or blanket coverage to protect you against other condo owners who may not have adequate coverage?

* Do you have expensive personal items such as jewelry or furs that you may need additional personal property coverage for?

Typically, your condo association buys insurance for the building itself and for the common areas.  As a condominium owner, you need to insure not only your personal possessions that are kept in the condo, but also any built in units such as cabinets, fixtures, appliances, and shelves, as well as coverage for injures or damage to people or property that you would be liable for.  By checking with both your condominium association and your insurance company, you can determine if your condo insurance covers your needs.

NOTE: The purpose of this article is to provide general information on the law, which is subject to change.  If you have a specific legal problem, you may want to consult your lawyer.  For any auto insurance related questions, you may wish to consult your insurance company or insurance agent.

This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.  No warranty or appropriateness for a specific purpose is expressed or implied.

There are times when you need to borrow a car from a friend, or, when a friend borrows a car from you.  But what if an accident happens if you are driving your friend’s car?  Whose auto insurance is going to cover the damage – yours or your friend’s?

Most people loan cars to others with the assumption that their auto insurance coverage will automatically transfer to the person who is borrowing the car.  In general, auto insurance policies cover the sporadic sharing of cars between friends – however, before borrowing a car or loaning yours out, check your auto insurance policy to be sure.  Sometimes there are specific insurance policy conditions that relate to permissive user guidelines and you are better off knowing what these conditions are before sharing a vehicle.

You should also check who is covered under your auto insurance policy – for instance, it’s possible that some drivers are excluded under your policy.  To get the best information, contact your auto insurance agent or company to ask details on their guidelines for lending others a car.  You should not assume that drivers are automatically covered if they do not live in your household.  It’s always best to contact your insurer if you have any questions or doubts about your coverage or the rules of your policy.

NOTE: The purpose of this article is to provide general information on the law, which is subject to change.  If you have a specific legal problem, you may want to consult your lawyer.  For any auto insurance related questions, you may wish to consult your insurance company or insurance agent. This content is offered for educational purposes only and does not represent contractual agreements. The definitions, terms and coverages in a given policy may be different than those suggested here and such policy will be governed by the language contained therein.  No warranty or appropriateness for a specific purpose is expressed or implied.