Condo Insurance
Condominiums and townhouses are great, but they come with unique insurance needs. Read on to learn more or start your free online quote now!
My homeowners association’s insurance will cover me, right?
If you live in a condominium or a townhouse, surely your association dues will cover all of your insurance needs for your unit, right? Unfortunately, the master policy, or HOA policy, for the condominium or townhome community in which you live will not protect you in many instances.
Condo, also referred to as townhouse or co-op insurance can be more complicated than homeowners insurance or renters insurance. Insurance for condo communities are a bit more complex because each unit is owned by a different person, which is why many communities create associations that collect dues to pay for a master insurance policy among other things. While each policy is different, the master policy for a condominium community often covers shared spaces, the overall structure, and liability protection for the association.
Ok, so I actually do need condo insurance, but what will it cover?
As a condo owner, it is important to learn about the association's policy because it will help you figure out how much insurance you need for your condo. The master policy may not cover your belongings if they are stolen, nor will it protect you from liability. Furthermore, certain master policies will specify what part of the unit the owner is responsible for, so it is recommended that you check with your association and the master policy to make sure you understand what you need to insure.
Common condo insurance coverages will protect valuable belongings such as:
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Clothes
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Jewelry
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TVs
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Furniture
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Computers
Your personal condo insurance policy will also insure your property in case of:
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Fire
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Theft
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Lightning
You will also receive personal liability protection in case of injury resulting from an accident on your property.
Anything else I should know?
In addition to the basics listed above, you'll also want to consider your unique situation. Do you own the condo you're insuring? Are you renting it? Lastly, is your condo occupied seasonally? Condo coverage is a little different for each situation, so assess yours to get the best rate possible.
Also, there are additional coverages you may want to consider for:
- Loss Assessments
- Loss of Use
- Earthquake Coverage
- Ordinance or Law Coverage
- Water Backup
- Mortgage Clause
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To learn more about a condo insurance policy, begin a free online quote or call 1-866-860-9348 today!