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What Does Condo Insurance Cover?
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Fire
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Theft
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Vandalism
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Most weather-related events
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Liability
What is covered by your Condo Association or HOA Master Insurance Policy?
These policies provide coverage for all common areas, the condominium building's structure and many internal features, such as the roof, walls and elevators, are generally covered under an insurance policy purchased by the condo association or HOA. This policy is called a master insurance policy. The total cost of the policy is shared by all of the condo owners and is typically included in each unit owner's recurring condo or HOA fees.
For example, any damages to the exterior of a condo building, such as the roof after a storm, would be the responsibility of the condo association, rather than any individual unit owners. However that said a unit owner can be assessed in order to cover these amounts of repairs.
The Magic City
Discounts that help you Save on your condo insurance.
If you combine your policies you can receive great savings.
5 years claims free will save you on your policy.
Obtain your condo buildings mitigation report and save up to 50% on your policy.
What Does Condo Insurance Cover?
Your policy will Pay for
Your policy will not Pay for
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Fire and smoke
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Explosions
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Wind and hail
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Theft
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Vandalism
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Lightning
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Burst pipe
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Personal Liability
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Earthquakes
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Floods
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Intentional injuries to others
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Nuclear hazards
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Damage from birds, rodents and insects
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Wear and tear
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Damage from underground water (such as sewer backups)
Peace of Mind is priceless.
Condo Owners Policy
The Condo insurance policy provides protection for the interior of the condo unit. The condo association or homeowners association is responsible for the common areas or the exterior of the building. This situation leaves you unprotected. The H06 or condo unit owner insurance policy is a great solution to this problem. The H06 will protect the interior of the unit, often referred to as walls in coverage.
The policy covers the interior structure of the unit as well as your personal property. It also provides liability and loss of use coverage. Liability coverage in particular is very important and is there in case someone is injured or their property is damaged and they decide to sue you. When you live in a condo association you are surrounded with several more people and property than if living on a single family home so your chances of something happening are much higher.
This policy is not mandated by law but it is often required either by your condo association, HOA or your mortgage company and is often inexpensive.
How much condo
insurance should I
purchase?
What is the difference between a condo owners policy, co-op and homeowners policy?
The main difference between insuring a condo, co-op or house comes down the parts of the home you own. When you own a house, you own everything. The interior of the home structure, contents even the land your home sits on. When you own a condo or have shares in a co-op on the other hand, you are only responsible for the space within your walls.
Hence all the other parts of the building like hallways, common areas, etc., those parts are usually covered by a collective homeowners association insurance policy. These policies are called Co-ops and condos have virtually the same type of insurance since the main difference between the two types of homes are how they are owned and managed.
How much condo insurance should you purchase?
Once you have decided on the type of policy you need then you need to estimate how much it will cost to replace your condo. Now you have to choose your Dwelling limit. This limit will be the maximum amount the company will pay to repair or replace your unit. If you wish to be actual, you'll want to get an estimate from an architect , contractor or specialist. Even if they are unable to produce the whole estimate, obtaining a per square footage cost can go a long way to give you an idea of a possible value.
Often times if you have a mortgage your lender might have certain requirements based on your loan amount. We tend to think that the loan amount should not or has very little to do with the construction replacement cost of your condo, rather is based on your condo features and current construction market conditions among other relevant factors. Keep in mind that a condominium presents different factors than a single family home does. For instance on a condominium association or HOA it is not so simple to bring just any contractor, there are often procedures and requirements in place which limit the type of contractors you can hire. This sometimes affects your costs as you can't just deal with any smaller contractors that might be more price sensitive rather you might have to pay much more for service. All this does play a role in securing adequate insurance.
Another way to obtain a valuation on your condo is from your insurance agent. Some insurance carriers have a replacement cost calculator, which is a software that takes into account your condo's features, size and atribuyes and provides a replacement cost indication. Of course relying on these systems alone is a bad idea, rather it is important to have a conversation about this value to make sure is appropriate.
Once you have choose your Dwelling limit you should focus on your contents coverage. Most people do not realize how costly is to replace all of a person's things if lost all at once. Think of clothing, furniture, cooking and other property.
A very important limit to discuss is liability. One can be held liable if another person is injured or his property is damaged or destroyed. Our recommendation is to always purchase the highest limit you can afford. Normally you have options that start at $100,000 and can go as high as $1,000,000 depending on the carrier you choose. Higher limits are available normally by purchasing an umbrella policy.
While this is a highlight of some key coverages and limits and not an entire assessment or recommendation is important to point out that understanding your deductibles and policy limitations and exclusions is crucial to make the best informed decision and ultimately choose the most appropriate limits of insurance for your condo owners policy.
Home Insurance protects your investment and gives you peace of mind.
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