Condo Insurance

Learn about Condo Insurance


For the vast majority, the biggest investment they will make is in the purchase of a home. Knowing this, it makes perfect sense to protect the investment from such perils as weather damage, burglary, vandalism, and a number of other kinds of risks, by purchasing good condo insurance coverage. Many will choose to buy a condo rather than other options and many simply don’t realize that condo insurance is different from renters or homeowner’s coverage.

How it’s Different

A big difference is in the relationship between individual condo and condo corporation (or HOA) coverage. The condo corporation and the condo homeowner coverage work together in ensuring that all interests are protected, both the unit owner and the condo organization. Essentially the condo corporation protects the building while the unit owner buy coverage for his or her interior areas of the individual condo.

Most insurance companies have policies that vary in what they may offer so as to satisfy various preferences ad needs. The fact is, most condo homeowners are not aware of what is protected under these policies and for what each owner is ultimately personally responsible.

The Types of Coverage

Liability: This type of coverage protects the condo owner from lawsuits arising from anything accidents happening on the premises for which he or she could be considered liable. For instance, if a water heater breaks and floods other units, the homeowner may be responsible for any damages as a consequence.
Personal Property: This coverage protects one’s investment of moveable belongings within the condo, such as furniture, appliances and electronics. It’s an owner’s responsibility to determine the value of his or her personal property to properly obtain the proper policy limit. Most insurance providers utilize replacement cost valuation, which is the approximate expense in replacing lost or damaged covered items.
Improvements & Betterments: This provides compensation for loss of features that have been improved in the individual unit. The amount is determined by looking into the usual cost of upgrades made that are in addition to the cost of a basic condo home.
Living Costs: Should a component of the condo, such as a bathroom, become unusable or should some kind of issue render it reasonably unusable, this coverage will pay for additional living costs away from home while it’s being repaired.
Loss Assessment: Should the property owner experience some form of liability and the condo corporation’s insurance coverage is inadequate in providing the necessary protection, the loss assessment aspect helps make up the difference.

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500 N Greensboro St, Liberty, NC 27298

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14 Oak Branch Dr Suite C, Greensboro, NC 27407

112 Perkins Dr Suite 100, Chapel Hill, NC 27514

220 South Horner Blvd, Sanford, NC 27330

5412 Raeford Rd Suite B, Fayetteville, NC 28304