Condo associations have major insurance policies that only cover their responsibilities, which includes their property, any common areas, pools, and the physical structure of your condo.
Condo insurance gives you the coverage to rebuild the inside of your condo while your condo association’s master policy takes care of the outside.
So, let your association take care of those chores you don’t want to do like mowing the lawn or shoveling snow off the walkway, while we get busy helping you protect your personal belongings.
What to Cover
Personal property (AKA your stuff) – This means everything inside your condo that belongs to you. Your policy covers any damages to your belongings such as clothes, your four dozen house plants (no judgment – we love plants too!), appliances, furniture, and your collection of Tom Petty albums. Remember, if you have more expensive items such as jewelry, you’ll need separate coverage for that.
Upgrades and other customizations – If you’ve jazzed up your condo with fresh new upgrades like granite countertops, new cabinets, or a security system, your policy will cover any damages to your new upgrades.
Loss of use – Let’s say your condo is damaged, and you’re not able to live in it during the repairs. No problem! Your insurance will kick in and pay for your additional living expenses while you are displaced, up to your policy’s limits.
Personal liability – This covers any lawsuits brought against you or your family members if you’re responsible for someone else’s injuries or other damages that occur in your home.
Seeking extra protection? Here are a few extra coverages you can add to your condo policy.
Water back-up – If your condo or townhome experiences any water damage due to sump pumps or plumbing back-ups, this coverage will pay for the damage to your belongings and the water removal.
Personal injury – This covers any rare, but expensive, lawsuits, including slander or libel, wrongful eviction, and more.
We’re here to search through policies from our 30+ insurance partners so you can feel confident you’re getting the best condo coverage possible at the best price! Get ready for insurance that gives you the warm and fuzzies – just like your favorite blanket.
- Will Condo Insurance Cover Hurricane Damage?
Condo insurance will cover damages to your possessions and the interior of your condo from major storms such as hurricanes, windstorms, and tornados. Keep in mind, damages to plumbing, fixtures or wiring may or may not be covered under the condo association’s master policy. In fact, some condo policies may cover fixtures while others only cover bare walls. If the master policy is a “bare walls” policy then you could consider getting an additional condo policy that covers these items.
- Will my condo policy cover the structure of my condo, or just my belongings?
It depends. Usually, your condo association’s master policy would cover what’s outside your wall, the physical structure of the condo unit, and common areas. However, your personal condo policy would be responsible for everything in them. This includes the structures inside your unit like the kitchen, as well as your personal belongings. Make sure to review your association’s bylaws and insurance policy to understand where their responsibility ends and yours begins.
- What if my home is burglarized?
Your first step is to ensure that you and your family are safe, and then, call the police. When the police arrive, they will complete a report with all the important info regarding your situation. This report is necessary when you file your claim and will help expedite the whole process. Make sure you also create a detailed list of your lost or damaged items, including their estimated values, and have that ready when you contact your insurance company.
- What is a Deductible?
A deductible on your insurance policy is what you pay before the insurance kicks in. This is to prevent extremely small claims from being filed as insurance is for larger emergencies. For example, if your home deductible is $1,000 and you have $10,000 in damages, the insurance company will pay the contractor repairing it $9,000, and you would pay your $1,000 deductible.
Many policies in Hampton Roads have a separate, higher wind deductible for damage done by storms, so be sure to look at your policy carefully to understand your deductible amounts and coverage.
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