People purchase condos for several reasons- price, downsizing, or more. Regardless of why you own a condo, condo insurance can be a bit more complex than a traditional homeowners policy. Why? Because the policy should pick up where the association’s master policy leaves off. You want to make sure this is the case so there aren’t any missing coverages. For instance, your association’s policy may only cover the external walls, and your condo policy may only cover the inside of the unit. This can mean that the walls are not covered in the event of a fire etc. Typically, there is guidance in the association’s bylaws on who is responsible for what coverage. You want to make sure you are covered for the parts you may be held responsible for.
Why Do I Need Condo Insurance when the Homeowners Association (HOA) Already Has a Policy?
While your HOA may already have a policy in place, that policy is meant to cover the shared spaces such as your building, the driveway, the stairs, the garden, the roof, etc. This is typically the responsibility of the HOA. However, with many policies, what is inside of your four walls is all up to you to protect including all your personal belongings, electronics, collectibles, and more.
If I Purchase Condo Insurance What Will It Cover?
If your unit is burglarized, the HOA master policy will not pay for the replacement of your clothes, electronics, or anything else that was stolen. That said, your condo insurance typically will.
If one of your guests is injured in your unit, the HOA policy won’t pay for their medical bills. Your condo insurance typically will.
If an oven fire occurs in your kitchen or your bathtub overflows and floods your entire apartment, the HOA policy will not pay for your temporary housing. Your condo insurance typically will.
Hopefully, this answers the question as to why condo insurance is so vital. If it does not though and you have other questions, or you are all set and ready for a quote, please feel free to give us a call. We will get you connected with one of our wonderful agents, who are experienced providing condo insurance to our clients.
