Living in a condo is a great alternative to owning a single-family home or renting an apartment. Condos have unique insurance needs so having the right coverage is the key to that “maintenance-free” lifestyle. Your policy should protect you from losses and repair costs that could happen to your unit. It should cover items that might be stolen and damages caused by water damage, vandalism, and other perils.
Why You Need Condo Insurance
Condominium associations usually have their own insurance policies. It is common for these policies to provide protection for the building, commons areas, and liability insurance. However, there are gaps that leave you unprotected without condominium insurance that’s designed for condo or co-op owners like you.
The insurance policy of the condominium association won’t cover things like if your condo is broken into and have your belongings stolen or damaged, or if an accident causes water damage to your dining room walls. A condominium policy provides protection for the interior of your unit and personal property. Liability protection that includes bodily injury can also be included.
What Does a Condo Insurance Policy Cover?
A condominium association’s articles and state laws are determinants of what is covered with the master insurance policy. This master policy affects how your condo insurance policy is shaped so it’s important to know what it covers. Usually, their coverage ends at the exterior walls, leaving you responsible for everything else. Some areas that might be covered include:
- Swimming pool
- Hallways
- Boiler room
- Roof
- Structure of each condo unit, including walls and floors
Condo Insurance Coverage
Your personal condo policy fills in the gaps so you’re not left in a financially risky situation after an unexpected event. There are generally standard coverages that come with a condo insurance policy. Here are some of these coverages and how they work to protect you and your property:
Personal Liability Coverage
If a guest in your condo has an accident that causes injuries, the medical bills of your guest and legal expenses related to any litigation could be paid for with the help of this coverage. Personal liability coverage also includes building property protection, which can help cover the cost of repairs to your condo unit’s walls, fixtures, built-in bookcases, and other related items.
Personal Property Coverage
Appliances, electronics, furniture, and other such belongings are insured with personal property coverage. If you have things that are damaged or stolen, you can get help paying for their repair or replacement.
There are different types of personal property coverage that condo owners can typically choose from. The amount that you are reimbursed for a covered loss is determined by the actual cash value and replacement cost. Different policies have different limits to cover the costs of repairing or replacing your property, so it is important to find the right amount of coverage for your unique situation.
Speak To An Experienced Personal Insurance Brokerage
Our agents at Merchant Family Agency are here to navigate you through the process and get the right coverage for your condo. Let us help you get the peace of mind you deserve by calling us today at 407.707.6418 or request a quote online today.