What Does Condo Insurance Cover?

If you live in a condo, you’ll likely become familiar with two types of insurance: HO-6 or condo insurance and the condo association’s master policy. With a condominium, you are only responsible for the belongings within your unit or on private outdoor space and the walls within the home. Common areas such as elevators, gym, pool, lobby, and any other space shared with your neighbors will be covered under the condo association’s policy.

Although you’ll contribute towards the cost of the association’s policy through your dues, you are only responsible for having separate insurance for your personal unit. Bogden Insurance Agency in Berlin, CT offers you this guide to navigate condo insurance.

What Does Condo Insurance Cover?

In addition to covering your personal belongings, individual condo insurance also provides protection for a slew of other incidents and situations. For example, your policy will include liability coverage that will protect you from paying medical bills, legal fees, and other costs associated with a visitor or guest injuring themselves while inside your condo.

Additionally, your condo insurance policy is likely to include loss of use coverage, meaning that if your home is uninhabitable due to a covered incident, you’ll receive monetary assistance to live elsewhere up to your policy max. If your home is deemed a total loss, your condo insurance policy will include information on how much money the insurance company will contribute towards rebuilding your home. This coverage varies and could be set to the price paid for the condo when you purchased it, the expected value today, and more so be sure to speak with your insurance provider about which option is best for you.

At Bogden Insurance Agency in Berlin, CT we are committed to providing you with transparent and trustworthy service. Whether you are looking for condo insurance, auto insurance, or another type, we look forward to earning your business for years to come.

 

5 Tips for New Condo Owners

Have you recently moved into a new Berlin, CT condo? Congratulations! Here are a few tips to protect your investment. 

Get to know your HOA’s master condo insurance policy. 

A master condo policy will determine what kind of coverage you’ll want to acquire for your condo policy. Review yours to discover which type of dwelling or building property the HOA carries. There are all-in or all-inclusive policies that cover the common areas and external structures of your building and all items installed in your unit, including appliances, lighting fixtures, cabinetry, and more. These policies are excellent, but you are just as likely to discover single entity or bare walls coverage, which would only take responsibility for part of the internal structure of your unit, leaving you to pay out of pocket for any damage that occurs. 

Create or update your home inventory. 

Make use of your moving process to document your possessions to determine the coverage you need accurately. Plus, if you need to make a claim, you’ll have documentation on hand to recover your losses faster and more completely.  Take photos or videos of your belongings as you unpack and consider using a home inventory app to make it easier to store and update your inventory. 

Learn about ‘scheduling’ items. 

Many of us have at least one high-value item in our homes. For you, this might be artwork, jewelry, luxury clothing, electronics, or firearms. Whatever it is, make sure you include that in your inventory and talk to your insurance agent about possibly getting additional coverage to protect more expensive items. 

Look Beyond Basic Condo Insurance. 

You may need to consider additional coverage. Some likely options include flood insurance and water backup coverage. If you are a snowbird, you might want to discuss vacancy coverage for the months you are away from your home. The best way to determine your needs is to call or stop by the Bogden Insurance Agency today.