An Overview of Condo Insurance
A condo is different from a typical single-family home in some ways, for instant a condo will not have a basement or much yard space, certainly nothing larger than a patio or a balcony. Owners of condos, for example need not worry about chores like mowing the front yard lawn or cutting the hedges. In short, condo owners need only cover the parts of property that they actually own.
How Condo Insurance Functions
Condominium insurance mostly covers property and the interior structure of the condo owner’s unit. Insurance coverage for condos generally comes in two main forms: One is the protection carried by the condo home owner and the other that which is held by the condo association or HOA, which also covers common spaces and that which falls outside interior walls. One is well advised to first investigate the condo association coverage levels prior to buying your own individual protection.
Condo Association/Homeowners Association (HOA) Coverage
For structures that fall under the responsibility of a condo association, aspects such as the common areas and the entire outside structure of the building, the master policy coverage of the condo association will be providing the protection. These areas often include the rooftop, the boiler room and elevator mechanical room, hallways, shared patios, the swimming pool and other common rooms.
Good Condo Insurance Coverage
Condo owners’ insurance covers your dwelling from certain risks like liability, vandalism, fire, and theft. Condo owners can opt for whatever levels of coverage that will meet both their requirements and their budgets. liablility coverage is important as it can protect you from a lawsuit should someone be hurt in your unit.
Keep in mind that your belongings inside the condo can be damaged, stolen or destroyed. Personal property insurance can bolster a condo policy as an option with the level of coverage set by the policyholder. It is important to document the value of your belongings and it helps to take pictures of all of your items before loss occurs. One can also adjust the deductible amount. A deductible is paid when a claim is filed and, in general, the higher the deductible the lower the premium payments will be. When protecting your condo unit with good condo insurance, be sure to acquire coverage for that which is not covered under the HOA master policy. Talk with your agent to learn more about this important insurance coverage.