Condo Insurance
Owning a condo unit is a great alternative to renting an apartment. It can also be a great investment that should be protected properly with a North Carolina condo owners insurance policy.
When deciding on how you should protect this investment, there are some important factors to consider.
Call 866-869-3335 To Get the Right Condo Insurance Protection For You at the Lowest Cost!
This is a time when you should discuss your specific needs with an agent that is experienced in insuring condos. You don’t want to simply buy an “off the shelf” condo owners insurance policy online without understanding the coverages, limits and exclusions found in most policies. Here are some important factors that must be considered when buying a condo owners insurance policy:
Alterations and Improvements– The typical master condo association master policy covers the outside structure with some coverage for the interior walls. Usually the fixtures that originally came with the unit will be included. You must check with the homeowners association to find out first. You can add this coverage and increase the limits if needed.
Loss Assessment– You can be assessed by the association for damages to the complex that is not covered by the master policy. The standard condo owners policy provides a $1,000 limit and for as little at $5 or $10 a year, this limits can be increased.
Personal Property– The cost of a condo owners insurance policy is based primarily on the amount of personal property you own and want covered. Beware that there are very specific limits on different types of personal property. You need to discuss this with an agent to make sure you’re getting the right protection for your needs.
Is that a condo or a townhouse?
This is a very important question that must be answered before purchasing a policy. Why? Because there is huge difference in a condo owners insurance policy and a homeowners insurance policy that covers a townhouse.
True Story…
A couple bought their first home in High Point, NC. According to the Realtor, the home was a condo and a condo owners insurance policy (HO 6) was purchased at closing. A few months later, a strong storm split a tree in half behind the home and fell onto the roof of the home. The couple called their insurance agent and was instructed to contact the homeowners association to file a claim on the master policy for the complex.
When they spoke with the agent that provides the master policy, they discovered that their unit was not a condo and was in fact a townhouse which requires a homeowners insurance policy that covers the structure of the home. Condo policies do not cover the structure. It is provided by the association’s master policy. They had no coverage for the damage and had to pay out their own pocket for the repairs.
Call our office today at 866-869-3335 and let’s help you get the right protection for your needs.