Condominium Insurance Information
What is condominium insurance?
Condominium insurance is similar to homeowners insurance but is designed for the specific needs of condo living. Your condo insurance policy covers your personal property and liability, as well as any additions, alterations and improvements you make to your unit that are your responsibility based on the condo association agreement.
Who benefits from condominium insurance?
Condo insurance is beneficial for all condo owners as well their visitors. In fact, most mortgage companies require condo owners to purchase a policy for the duration of their loan. Condo insurance may cover damaged, lost or stolen property due to fire, theft or natural disaster. If you have upgraded cabinets or put in hardwood floors, condo building item coverage protects these investments. Be sure to consult your HOA agreement to determine what the Association policy covers and what you are responsible for. If common areas are damaged, your condo association may levy assessments against all the owners to pay the deductible on their association policy. Various limits of loss assessment coverage are available. Be sure to consult the HOA agreement to determine the potential for such assessments
In addition, this type of policy could cover you against liability claims. If you are found liable for a visitor’s injury, condo insurance could cover associated medical expenses and/or legal fees.
How much condominium insurance do you need?
The necessary amount of condo insurance largely depends on the value of your possessions. By determining how much it would cost to replace your possessions, you can estimate the policy size that would be appropriate for your individual needs.
Agents at West Town Insurance Agency can help you determine your coverage needs to make sure you’re properly covered. Contact us today to learn more about protecting your home with condominium insurance.