Condo Insurance

A condo is a home of course, but it is not a house
and the types of insurance coverage you will need
are different.

The Condo Association collects dues to cover premiums
for insurance on common areas of the complex: the grounds,
parking lots, building exteriors, pool area, etc.
Typically, the individual owner is responsible for
insuring everything inside his unit.

The Condo Association's master policy generally are written
in one of two rather broad categories.

"All In"

Covers floors, walls, ceilings, fixtures, etc.
Pretty much everything that is structural or functional.
in nature.

"Bare Walls In"

Covers real property but will not include fixtures,
flooring, countertops, and other add-ons that a
owner may have completed.

As you can see, the coverage can vary considerably so
it pays to know upfront what your getting.


There are also variations of the two types.
These details should be included in a condominium
association's bylaws, so make sure you get your
copy and read it over.


Some questions to ask:


How much is the association deductible?

Condo association insurance usually includes
coverage for the commonly shared building
and common areas. Such policies
will have an association deductible.
It will be spelled out in the policy
In the event of a natural disaster or
just some storm damage, any deductible will be
divided among unit owners.

The trend lately has been to acquire policies
with higher deductibles to control costs.
This may leave a gap that the unit owner may
want to make arrangements for with additional coverage.
The bylaws should provide the information on
deductibles and individual owners responsibilities.

Typically a unit owner will cover the cash value of
interior aspects of the condo itself. That way, in the
event of a fire or water accident valuables as well as
any improvements he may have made are covered regardless
of the cause of damages; as a result of owner negligence or an act of God.

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Long Term Care Insurance

Purchasing long term care insurance requires a little research. 

Here are a few points you should consider before making your decision 
whether or not to purchase long term care insurance.

What is Long Term Care Insurance?

Bottom line, it's insurance that pays some or all of the expenses associated
with long term health care. LTC policies cover a variety of medical, personal
and support services. These services can be provided in the home, in an
assisted living setting or in a nursing facility for an extended period, as
appropriate and depending upon your policy's provisions.

Considerations

• Staying independent and receiving quality care at home.
• Freeing your family and friends from the responsibility of caring for you.
• Spending your life savings the way you want.
• The younger and healthier you are, the more options you will have
   to choose from at a lesser expense.


The first thing to consider is your financial situation.

Long term care insurance is not for everyone. If your net worth is between
$100,000 and $2 million, you may want to examine purchasing it, the idea
being that if you have less than $100,000 then you will exhaust it quickly
and as a result be eligible for state and federal assistance programs.

If your worth more than $2 million, you can afford to pay for the long term
care itself. That said, if you are in the $1 to $2 million range, that you
could  do without, but it could be a good hedge to protect your assets,
as typical annual  rates average from $60,000 and $175,000,
depending on your location and level of care.

The next step is to decide when to buy it. If you buy while you
are younger, your premiums will be lower than if you purchase later in
life. In addition, if you wait until you already in need, you're
more likely to be turned down for the insurance.  Generally, you
will pay about the same amount over your lifetime for the insurance,
so buying early really just spreads out the payments over a longer period.

Policy coverages can vary widely.  One policy may cover 80% for
3 years and another may cover 100% for 10 years.  Examine  the terms
and benefits before deciding which policy is right for you.


The idea that long-term care meant going to a nursing home is off the table.
Today, help with day-to-day activities like shopping, meal preparation,
bathing, or nursing care is easy to get in your very own home if you have a
policy which includes home care. It may be comforting to know that you have
loved ones  to care for you, but being a caregiver can be an enormous burden,
time-consuming and stressful.

A good long term care insurance policy allows you to receive quality care,
protects your savings, and spares your most important relationships of
dependency stress.

These are choices you want to have so look into long term care insurance as
soon as possible, before your health disqualifies you from enrolling.
Statistics show that nearly half of the population will require some sort of
assistance as it grows older and for longer periods of time.
LTC policies can help you avoid being a burden and depending on
family for care. They also help you protect  assets, maintain control of your
financial affairs, insure a higher standard of living and give you far greater
choices should you need help at home or continuing care in a long term facility.