October 5, 2009
homeowners insurance?
i have homeowners insurance of coverage up to $75,000 for a co-op. does this cover my damages and/or people living below me if my fish tank burst accidentally?
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i have homeowners insurance of coverage up to $75,000 for a co-op. does this cover my damages and/or people living below me if my fish tank burst accidentally?
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Comments on homeowners insurance?
You would have to read the declarations page. The most used form is HO6. It covers personal property, the improvements you put into the condo and liability insurance. The liability portion would cover you for any claims made by the people below you.
You have to read your policy to know for sure what you have coverage for.
Well, you don't mention what form, or what state. So, I have to guess.
Likely not. That $75,000 is likely for your CONTENTS – your stuff – furniture, clothes, etc.
Likely, you have a small amount of building coverage there, maybe $10,000. And you have liability coverage, if someone sues you (that would be, if you cause damage to someone else through negligence).
A burst fish tank is NOT water escaping from a pipe, most likely the water damage to your stuff, your unit, and the unit below you (it's not negligence, remember, but a fluke) is NOT going to be covered.
I'd strongly suggest you call your agent and ask, or at least read the policy.
It really depends on how it breaks, what type of policy you have and the insurance company?
Some company's can even add riders to your policy to cover it.
Call you insurance company or ask your agent!
ON THIS ONE I WOULD SUGGEST THAT YOU CALL YOUR AGENT BECAUSE FROM WHAT YOU HAVE SAID IT SOUNDS TO ME THAT YOU HAVE NO COVERAGE FOR SOMETHING LIKE THIS.