The Importance of Insuring Condos
A lot of condo owners assume that their association takes care of insurance, in addition to maintenance. But that’s not entirely true, especially when it comes to your belongings and other items within your unit.
What does your condo association cover?
Condominium associations are usually responsible for insurance and upkeep when it comes to building exteriors and communal amenities. Your association probably insures the interior of the building as well, up to and including the walls of your unit.
But what about things inside or attached to those walls? Well, it’s your responsibly to protect those.
- Your association probably has “bare walls” coverage, which leaves unit owners like you responsible for all property and fixtures in individual units.
- “As built” coverage makes it the owner’s responsibility to insure any upgrades or additions made to the original dwelling.
What’s covered by most condo owners policies
- Personal property damaged by storms, accidents, theft or loss
- Alternative lodging and required transportation if your condo becomes uninhabitable due to a covered event
- Liability protection if you are held financially responsible for loss of or damage to another person’s possessions, or the costs associated with someone else’s injury
What’s not covered by most condo owners policies
- Standard maintenance
- Wear and tear and associated damage
- Effects of termites, insects, birds or rodents
- Rust, rot or mold
- Liability due to malicious, dishonest, criminal or illegal acts
Upgrade your protection options
The following coverages can be added to your policy by optional endorsement:
- Vacant condo coverage for damages that occur in a unit left vacant for 30 consecutive days or more (Time is specific to each policy.)
- Floods
- Earthquakes
- Sewer/septic backups and sump pump backups
- Specialized hobby items, fine art or other high-end collections
- Home office and from-the-home businesses
- Credit theft protection and monitoring
- Loss assessment coverage (This helps protect you if you suffer a catastrophe that exceeds the association’s limits.)
What we offer
- Customizable coverages, limits and deductibles
- Experience with the unique needs of condo owners who must coordinate insurance with condo association coverage
- Responsive, friendly claims professionals
- Easy claims reporting process and communication with your HOA
Give us a ring
Give us a call to learn more about covering the current gaps in your coverage, so you can enjoy your condo worry-free.
Reach out to our Personal Insurance team.
This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.
Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.
Written content in blog post: Copyright © 2024 Applied Systems, Inc. All rights reserved.