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Get to Know What Home Warranty Insurance Is
In the modern society, home insurance is one of the SOPs in the method of purchasing a particular house that anyone would love to get. In the event that you are not covered properly, you are just risking your fate each day and soon something unexpected would happen. However, if ever you choose to have a new home in a form of a condo unit, the rules might be a bit different. Your chosen condo corporation already has their insurance but it does not necessarily mean that you have to settle with that.
There are still things that you should know when it comes to the warranty of your home insurance. Being able to know the important things regarding this topic will give you the ease of understanding its use and importance whenever you decide to purchase a new home.
Never Make Any Assumptions
Most of the time, home buyers would assume that knowing that their condo corporation has insurance means that they can already be provided with the kind of coverage that they need. Keep in mind that there will be nothing worse with finding out that you are acquiring and paying for something that lacks the coverage that you expect. This is the main reason why you must be aware of the various types of insurance.
Know What Standard Unit Insurance Is
SUI or the standard unit insurance is the portion of the fees you pay for condo maintenance for specific area of your unit or the entire building. Such maintenance fees may include whatever damage in different parts of your building from the elevators, lobby and common areas and also the standard features of your own unit. Such standard features within your unit may be the kitchen countertops or even its original flooring.
In case you will install any form of upgrades and get damaged, the standard unit insurance will be covering only the original materials that were used. Even if the difference may be negligible at times, there are times when you could be up for a loss if you will not get the additional coverage needed.
Getting a New Home Warranty Insurance
The new home warranty insurance is the one referring to the coverage of the pre-construction of a condo or a new condo that you purchased. It is the coverage that would apply only to units under new construction since the materials and also the workmanship will all be covered for the whole year after the construction is done.
Whenever buying a condo, you must have this insurance included in the price. But you can still find or include it anywhere like having a statement of adjustments whether it is mandatory or not. Keep in mind that every city has different rules and also various programs available that makes it necessary for people to do their research.
Have Your Research Done
Before purchasing a property, it is best that you have your entire research done and look into the things covered with your insurance. Make sure that you check whether the home warranty insurance is included or not and whether it is suitable for your situation or not.
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