Condominium unit owners enjoy certain perks like community living, worry free maintenance, and security. Aside from secured premises, the whole building is also covered by a condo HOA master policy. This policy protects unit owners from financial losses due to unforeseen damages in the condominium’s external structure and shared spaces. However, this coverage doesn’t extend to the unit’s interiors. Thus the need for a condominium insurance that fully protects your property not just outside but inside as well.
A Condominium Insurance covers losses incurred inside your condominium unit. A typical policy will give you coverage for damages caused by fire, gas leak, vandalism and other unforeseen causes in the interior of your unit. It may also include the following:
Coverage for loss or damages in furnishings, fixtures, including personal belongings like clothes, electronics and other valuables.
Liability Coverage which protects you from claims arising from a person getting injured in your unit.
Loss of Use Coverage that helps take care of your accommodation expenses in the event that your unit becomes temporarily unavailable due to damages and repairs.
The coverage provided in a condominium’s HOA master policy may vary but losses inside your unit aren’t likely to be covered. At best the protection can extend to repairs or damages in built-in electricals and plumbing. If you want full coverage for your property and valuable belongings then yes, it is a must to get a condominium insurance.
The first thing you need to do is to go over the coverage of your HOA policy. This way you can easily determine the gaps between what is covered and what you want to be covered. Then get a policy that can complement your HOA coverage. Contact us and we can help you find a policy that is best suited for your needs and budget.
Fill out the form on top of the page or visit our home insurance page to request a quote now!