Guide to Condo Insurance
Those who own and reside in a condominium are well advised in getting in touch with an insurance agent at their earliest convenience to obtain good condo insurance coverage. There is a myriad of good reasons why this protection is potentially vital for you and the unit you own. And the good news is that condominium insurance is relatively inexpensive and yet still provides great protection and invaluable peace of mind in knowing that said protections are there should you ever be in need of making a claim.
What it Covers
Many are under the erroneous assumption that their condo home and personal belongings within are protected under the coverage that is inherent with one’s condo association or HOA. Nothing could be further from the truth. An HOA plan typically will only cover the actual structure of the building in which one’s unit is located and the common areas shared by all. Everything within the unit, from the wall paint to the carpeting is the responsibility of the condo owner. This includes not only furniture, appliances, electronics, and wardrobe, but also fixtures and appliances like water heaters and lighting.
How Much Coverage is Needed
The amount of coverage one needs is determined by each individual owner and his or her specific circumstances and preferences. The policy is generally segmented in two subject headings: Contents and Structural. One generally will purchase appropriate coverage for personal owned contents while also having the coverage necessary for any replacement or repair of that which is attached to the walls, floor, and ceilings, (should one experience covered loss. Once one knows what they wish to protect, they should investigate the condo and record everything you owned on paper (be sure to include models and serial numbers, etc) and also obtain photos or video. This will ensure a more expeditious resolution of covered losses.
Another important aspect of this insurance coverage is liability protection. This helps protect the condo owner for litigation should a person be hurt in the unit or if damaging were to occur like flooding from a leaking water heater or overflowing bath that impacts a unit below.
Condo policies are relatively inexpensive and can be made even more so by opting for a higher deductible. Accidents can and do happen so it’s advised to be protected in case they do.