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What Exactly Does Your Condo Association Insurance Cover?


Question:

If you live in a condo, you probably pay condo association fees that include condo association insurance. Many condominium owners make the false assumption that their association insurance covers everything inside their apartments, but in reality there are large gaps in what it covers. It's important to understand these gaps before you get left holding the bill for a rejected claim.

You should look into your condo association documents to find out what is covered and what is not. Typically, many condo owners are surprised to find out how many things are not covered and how important it is that they buy a condo insurance policy.

Common Items Not Covered by Condo Association Insurance

Typically most of the personal possessions you own inside the condo like furniture, electronics, jewelry, antiques, heirlooms, appliances, and clothing are NOT covered.

Also, any structural changes or improvements made by you or the previous owners, flooring, cabinets, toilets, lighting, and plumbing generally are NOT covered as well.

Getting the Coverage You Need

To cover these items you would need to purchase a condo insurance policy of your own. When you are shopping for condo insurance you should keep a few things in mind.

  1. Know the replacement cost of the items you are insuring. Get our a piece of paper and calculator and record the actual replacement value of items you feel you would not be able to afford to replace on your own and pass this information onto your condo insurance agent.
  2. If you live in an area prone to flooding, you will need to consider getting a flood insurance policy since most condo association policies do not cover flood damage to the individual condos or anything inside, only to the overall structure/property.

Once you understand that the condo associations master insurance policy almost covers nothing inside your condo, you will soon realize how important a condo insurance policy of your own is. If you are looking to save money on condo association insurance try a site like InsuranceAgents.com where you can compare multiple quote from competing companies and save money.

Learn More About HOA Insurance 


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