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Condo Insurance in Connecticut
With the cost of new construction homes on the rise, more and more homebuyers turn to condominiums as an alternative because of their lower cost and the maintenance benefits associated with ownership. When you purchase a condo, you won’t be asked to have homeowner’s insurance but instead will likely be required to carry a different policy known as condo insurance. When you own a condo, you are only responsible for the unit's interior, meaning that if you wish to make changes to the exterior of the home, you will need permission from the HOA, and it is unlikely to be approved. Additionally, condo ownership has the added benefit of not needing to pay for exterior repairs to the unit. For example, if the roof begins to leak, this would be the HOA or condo board's responsibility and not the individual unit owner.
When it comes to condominiums, you need to be aware of two types of insurance: the condo association’s master policy and your individual or HO6 policy. The condo association’s master policy will cover damage to the exterior of the building, shared spaces, and common areas. Additionally, the policy will include liability coverage for any accident that occurs in the aforementioned areas. Conversely, an individual condo insurance policy covers your specific unit to include your personal belongings and liability for any accidents that occur to a third party while inside your condo.
When it comes to shopping for condo insurance, it’s important to make sure that your interests are protected, and at Bogden Insurance Agency in Berlin, CT, we aim to please. Serving the greater Connecticut area, Bogden Insurance Agency’s convenient location in Berlin offers customers an oasis to discuss their insurance needs in comfort and privacy. Give us a call today to learn more.
