Condos share multiple similarities with homes and apartments. While a condo is a smaller unit within a larger building just like an apartment, it is owned and not rented, like a home. One thing they all have in common is the need for insurance.
There is a considerable lack of understanding about condo insurance among most people, which means there are plenty of things you may not know about condo insurance that you should know. If you are considering buying a condo, here are some facts you may not know about condo insurance:
- Condo insurance is separate from the master/HOA policy. Every condo association has a master insurance policy that covers the building as a whole, common areas, the grounds, and other such communal features. However, you still need your own condo insurance, so don’t rely solely on the master policy.
- Condo insurance generally covers everything inside the condo. Your own condo insurance policy is necessary to cover your possessions within your own unit since the master policy won’t cover them. Possessions include things like appliances, furniture, flooring, countertops, interior walls, lights, etc.
- Not all scenarios are covered. While condo insurance typically covers possessions and other property damaged or lost due to fire or theft, it does not cover earthquakes or floods caused by storms. For floods, you will need a separate flood insurance policy.
At Morco Insurance Agency, we can help you find the condo insurance you need to safeguard your property. Contact us today to get started.