Condominium owners need a particular kind of homeowners insurance. Condo insurance is a policy that will cover the areas of the property that are not covered by the condo association’s policy. A condo owner will need to buy insurance for their individual effects and, in addition, other particular touches or updates that you have done to the unit.
Condo Owner’s Policy vs. Condo Association’s Master Policy
Despite the fact that the condo owner’s insurance will take care of your particular unit, the condo association also has coverage to guarantee different areas of the property. This ordinarily incorporates the building’s inside and outer walls, elevators, roof, floors, and the basement. Also, outside amenities may be covered, too, including walkways, gazebos, and other areas. As a condo owner, you have to see what is precisely covered through the condo association’s policy and after that utilize your insurance to fill the holes.
What Situations Does Condo Insurance Cover?
A condo owner policy will repair any damages from common situations, for example, windstorm, hail, fire, or lighting, and any damages from robbery and such things as frozen or blocked pipes. Also, it will cover the damages that a visitor may experience while they are staying in the condo. A basic policy doesn’t ordinarily cover things like earthquakes or floods, so it is critical to assess whether you will require this type of insurance. As long as the owner does not deliberately cause the damage, then it will likely be covered.