This is essential coverage for condo owners to have, because it provides protection for many of the areas of your home that are not typically covered by your condo association’s Master Condo Insurance policy.
While condo living often means you don’t have the long list of responsibilities that a typical homeowner may have, there are still several obligations that fall squarely on your shoulders. It shouldn’t come as much of a surprise that Austin, as your local insurance professional, believes one of the most critical things you need to do, whether you’re a new condo buyer or longtime condo owner, is make sure you have the appropriate condo insurance policy.
Why do you need condo insurance?
Your condo association likely takes care of many of the things you’re glad you don’t have to deal with anymore, like trash and snow removal, landscaping, maintenance and repairs of parking areas, swimming pools, and external walls and roofs, and more. In addition, if there is an accident in any of your community’s common areas that results in injuries or property damage, then your association is typically the party responsible for covering any related medical, legal, or restoration expenses, which is why practically every association takes out a Master Condo Insurance policy.
So, if your condo association takes care of all this, why is it necessary to get your own condo insurance policy? Because you are still responsible for the maintenance and repair of everything inside of your unit, including its interior walls, ceilings, and floors, the plumbing and electrical equipment that services your specific unit, cabinets and countertops, your personal belongings, and more.
If an unexpected event were to happen in your condo, like a kitchen grease fire or a substantial appliance leak, you would be accountable for paying to fix the damages to your place, and you could also be on the hook for resolving any issues the situation may have caused to neighboring units or common areas. Your association’s master policy is not likely to provide you with any financial protection if something goes wrong inside your condo, which is why you should have your own condo policy.
What does condo insurance cover?
A typical condo insurance policy is designed to provide coverage where your condo association’s Master Condo Insurance policy leaves off. The type and amount of condo insurance that you may need will depend on the kind of master insurance policy and deductible your association carries. For this reason, working with a local and highly experienced insurance team like Austin will be enormously beneficial. At Austin, we do a thorough review of your condo association’s governing documents, which includes the master condo policy. Then, we simplify what we find for you, so you are clear on what parts of your unit and its contents you have the responsibility of insuring.
The following are some common coverage gaps in a Master Condo Insurance policy that your standard condo insurance policy may need to address.
- Permanent fixtures in your condo such as internal walls, ceilings, countertops, light fixtures, appliances, cabinets, carpets, etc.
- Exclusive-use common areas, which are spaces shared by two or more but not all unit owners, such as balconies, patios, porches, etc.
- Your personal property such as furniture, electronics, appliances, computers, jewelry, clothing, etc.
If these types of structures or belongings are damaged by a covered event, which generally includes common causes of loss like fire, smoke damage, lightning strike, theft, wind and hail, and vandalism, then your standard condo insurance policy usually helps you pay for the necessary repairs or replacement.
But that’s not all you get with a standard condo insurance policy. Typically, this coverage also provides the following protection.
- Loss of use, which is coverage for some of the additional living expenses that you may incur if your unit is deemed unlivable and you need to temporarily relocate after an insured disaster.
- Liability protection, which is coverage to help you pay for the legal and medical costs associated with a bodily injury or property damage claim against you, a family member, or a pet.
As a client of Austin Insurance, you will have access to top insurance companies and numerous condo insurance options to meet your unique coverage and pricing needs. We partner with regional and national carriers who offer our clients not only exceptional condo insurance products but also money-saving discounts and options for enhancing their coverage.
The following is just a sample of the ways we can help save you money on your condo insurance or increase your protection if needed for your specific situation.
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Discounts for …
- Bundling Condo & Auto Insurance
- Paying Insurance Premium Up Front and in Full
- Installing Burglar Alarms, Fire Alarms, Automatic Sprinklers, and Other Safety Devices
- First-Time Condo Buyers
- Switching from a Renters to a Condo Policy
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Endorsements such as …
- Umbrella Insurance
- Scheduled Personal Property
- Loss Assessment Coverage
- Water Backup Coverage
- Unit Owners Additions and Alterations Special Coverage
The best way to get the right level of condo insurance protection for you and your property and fill in the gaps left by your association’s Master Condo Insurance is to work with a knowledgeable insurance professional like Austin. Otherwise, you could end up with a condo insurance solution that falls short of your expectations and needs should you ever have to file a claim.
Working with our local, professional, and always straightforward team, you will get a combination of the best coverage and price to meet your condo insurance needs and gain the peace of mind that you and all your things are well-protected.