Did you know …
that Regent Court’s insurance policy with State Farm provides coverage for your building only? But, covering your own unit and personal possessions is up to you? When people buy a condominium, they often overlook this because it’s not required by their mortgage company.
Condonimium Unitowners policies are very affordable. If you don’t have one, Or, are unsure if you are covered properly, we recommend contacting your insurance agent. If you don’t have one, you might consider Bob Clark, who represents State Farm (which carries Regent Court’s Policy). His number is 801-224-1985.
What Does Unit Owners Insurance Cover?
*Insurable Loss
An insurable loss includes windstorms, explosions, lightning, fire, smoke, vandalism, vehicle crash (very relevant with our history), falling objects, some forms of water damage (not including flood), and theft.
*Personal Property
Appliances, Drywall and wall coverings ; Carpeting, wood floors
Furniture, artwork, electronics Jewelry, firearms, and collectibles (warning: only up to $1,500 or $2,500) Computers (up to $5,000)
*Personal Liability
What if a visitor gets injured in your condo, or your actions cause
damage to adjacent units? Maybe your beloved German Shepard bites a child. They could sue you for liability. With Condo Unitowner’s Insurance, the insurance company will pay for damages and represent you in court, if necessary.
*Loss Assessment Coverage
This coverage protects owners in condominium associations. It recognizes the potential for owners to be assessed for certain kinds of loss by the association. These losses can result from criminal malfeasance; serious injury in the clubhouse/pool area and other major damage to the commonly owned buildings and it is not fully covered by the association’s policy.
*Loss of Use
Should a major fire, explosion, tornado or other insured catastrophe severely damage your unit, you could need a substitute place to stay. Loss of Use coverage will cover the necessary increase in cost to maintain your standard of living.
What it Does Not Cover …
This is not to be confused with Regent Court’s Association Policy, which is the only coverage your mortgage company requires.
This means that if you only have Regent Court’s Building Policy covering you, all of your personal property, including your unit improvements like carpeting, cabinets and appliances will not be covered if an insurable loss occurs. The only thing the insurance company will owe you under a Condominium Association Policy is a roof, a floor and studs on which to hang your drywall. You may not even get plumbing fixtures depending on the circumstances