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If you live in a condominium, your homeowners association (HOA) will carry a policy to insure the building and accidents that occur outside the property. However, in the event of a severe storm or burglary, your HOA will not pay for repairs nor will it replace your damaged or stolen items. That’s why it’s a good idea to protect yourself with condominium insurance.
What is Condominium Insurance?
Condominium insurance helps condo owners pay for repairs to their unit and their belongings if they’re stolen or damaged by fire or severe storms.
What is Covered with Condo Insurance?
Condominium insurance helps protect you, your condo, and your belongings. Here’s how these coverages work:
- Personal property: your belongings including electronics, furniture, clothing, and appliances are covered. If they’re stolen, or damaged condominium insurance may help pay to repair or replace them.
- Building property: helps pay for repairs to the walls of your condo and its interior including built-in bookcases and fixtures if damaged. Also if fire damage, for example, makes your condo uninhabitable, your insurer will pay for expenses for you to settle elsewhere such as hotel rooms.
- Personal liability: if someone is hurt inside your condo, this coverage can help cover their medical bills and your liability costs if you’re sued.
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What Doesn’t Condominium Insurance Cover?
Below are some of the common issues not included under a typical condominium insurance policy.
- Nuclear hazards
- Wear and tear
- Damage from rodents, birds, and insects
- Damage from underground water including sewer backups
What is the Difference Between Condo Insurance and Homeowners Insurance?
The key difference between these two types of insurance depends on which parts of the home are yours. When you purchase a home you own the structure and the property. When you purchase a condominium you are only responsible for what’s inside your unit. Everything else like common areas, the roof, and swimming pools is covered by an HOA.
What is the Average Cost of Condominium Insurance?
Condominium insurance rates are typically much lower than homeowners insurance rates. However, your exact rates will depend on a number of factors including:
- Where you live
- How much your HOA covers
- The materials used for your condo
- The coverage options and limits you select
- Your deductible amount
How Do I Get Condominium Insurance?
Getting condo insurance is quick and easy to add to your policy. Contact Signature Insurance Group today for an affordable customized policy. We can help determine how much coverage you need and offer you a free quote!Back to Homeowners Insurance
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