If you’re a homeowner, you probably understand the importance and the benefits of a comprehensive home insurance policy. After all, about 95% of all American homes are currently insured. However, fewer people understand the importance of home insurance that is specifically tailored to the type of property that you live in.
This is where condo insurance comes in. If you own and reside in a condo, the best condo insurance will be designed to cover exactly the kinds of expenses and damages that you are more likely to see in a condo as opposed to, say, a suburban home. But what does condo insurance cover? Read on to find out.
1. Condo Insurance Goes Beyond the Association
When assessing how much is condo insurance actually worth, there is one important thing to keep in mind. This is the fact that condo insurance will cover everything that your association does not. As a condo owner, your condo association will have responsibilities to cover anything related to share areas in the building, such as exteriors, corridors, and amenities.
Oftentimes, the condo master policy will not cover anything related to the interiors of your condo or any furnishing or possessions therein. Condo insurance usually addresses these gaps and provides that all-important coverage. When requesting a local condo insurance quote, always ask your insurer exactly what coverage you are getting.
2. Scheduled Personal Property
One term that will often appear frequently in any condo insurance policy is the term “scheduled personal property”. This term describes an extension of the normal personal property coverage that is standard in any home insurance policy.
For example, under your basic insurance, coverage from jewelry theft or loss might be capped at $1000. However, scheduled personal property insurance covers everything beyond this cap. This is a common feature in many condo insurance policies.
3. Flood Damage
Did you know that many condo associations do not cover flood damages? What’s more, a large number of “standard” home insurance policies will also refuse to cover flood damage.
However, a quality condo insurer understands that flood damages can and do occur in condominiums, affecting the life and property of the residents therein. With condo flood damage, you can stay covered in the event of freak weather accidents.
4. Condo Alterations
While your master policy might cover damages to parts of your apartment such as the front door or the ceiling fixtures, this is pretty much as far as things will go. Any additional alterations or renovations that you make to your home will not be covered. This is where condo insurance kicks in.
Your condo insurance will typically cover any damages to alterations that you make to your home at any time. For example, if you put up new walls or upgrade the balcony, your condo insurance will specifically cover any damages to these parts of your home.
Secure Your Home Today
Condo insurance is just one simple way to make your home living situation more secure. For more tips on future-proof home living, we have got you covered. Make sure to consult our expert guides for homeowners to learn more.