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Condo Insurance Information
Protect More Than Just Your Possessions.
Condominiums or condos are a great housing option for people who enjoy being part of a community setting with shared resources such as pools and activity rooms and significantly less maintenance. Like any housing you own, you still should have insurance, and condominium insurance can help protect you as a property owner from property damage that could occur.
What Is Condominium Insurance?
Condominium insurance can help cover your costs if you sustain damage to your unit or personal items. It’s designed to meet your specific needs and can be tailored to include coverage for your belongings, structural improvements you make to your living space and any living expenses you incur in case of a covered incident.
Your condo’s homeowner’s association (HOA) is required by law insurance—referred to as a master policy—that insures shared common areas like pools or clubhouses. But your HOA’s master policy typically doesn’t cover your condominium or personal property.
Is Condominium Insurance Required?
Like standard homeowners insurance, most mortgage lenders require you to carry a condominium insurance policy for your residence throughout the term of your loan. Your condo association may require you to have certain levels of coverage.
What Does Condominium Insurance Cover?
Condominium insurance policies are generally intended to protect your individual unit. Your condo association’s insurance usually covers damage sustained by common areas, hallways, sidewalks and parking lots. In most cases, an adequate condo insurance policy can provide coverage for the following:
- Dwelling—If the physical structure of your condo is damaged, your insurance can help cover your losses.
- Personal property—If a covered event causes damage to your possessions, including furniture, electronics and clothing, your insurance can help pay to repair or replace them.
- Liability—If someone else suffers bodily injury or property damage in your home, this coverage can help pay for their losses.
- Loss of use—If an incident forces you to vacate your condo temporarily, your policy may provide financial assistance for expenses such as hotel lodging and restaurant meals.
In general, events and perils that trigger condo insurance policies include the following:
How Do I Determine Condo Coverage?
To ensure you have enough condominium insurance, you need to estimate what it would cost to repair or replace the inside of your condo and belongings. We recommend that you use the replacement-cost value for your belongings so that you can replace them at today’s prices. Barnette & Coates can help ensure you get sufficient protection.
The liability-to-others portion of a condominium policy can protect you against lawsuits for bodily injury or property damage that you, a family member or pet may cause to others. This coverage may also pay litigation costs and court awards up to your policy limit.
Additional Insurance to Consider
Supplementary coverage can help ensure you have adequate coverage for your particular circumstances. The following other insurances may be worth consideration for your condo:
Flood or earthquake—You will need to determine your risks to see if coverage is warranted.
Sewer backup—This coverage may help with damage caused by the blockage of sewers and drains.
Unit assessment coverage—If your HOA passed on expenses to you, this coverage might help with reimbursement.
How We Can Help
Want to know more about condominium insurance? Barnette & Coates can determine the right amount of coverage you need to keep your condo and belongings insured. Our insurance professionals are licensed in North Carolina, South Carolina, Tennessee and Florida. Call us today at 828-692-8277 to get started on your condo policy.