If you’re thinking about purchasing a condo, you are likely also thinking about insurance for it. Condo insurance is unique from homeowners insurance in a number of ways. Here are some answers to frequently asked questions about condo insurance.
Do I need Condominium Insurance?
If you are the owner of the condo, then yes, you need condo insurance. Not only does condo insurance protect the interior of your unit, but it also covers your property and protects you from liability, should someone sustain an injury while as a guest in your condo.
What sort of things will my insurance cover?
It depends on what sort of insurance your Home Owners Association HOA has. If the HOA provides an “all in” policy, then it will cover the fixtures in your unit, such as countertops, carpeting, electrical wiring, and plumbing. However, if the HOA has a “bare walls in” policy, then it will not cover anything inside of your walls. Knowing what sort of policy your HOA has will help you determine what you need to insure.
What does the HOA insurance cover?
As stated above, the HOA may provide either “all in” coverage or “bare walls in” coverage, and this will be spelled out in the master policy that the homeowner’s association will make available to you when you purchase your unit. It is important to note, however, that individual condo owners may be responsible for sharing the cost of the HOA’s deductible, should there be damage such as a flood or fire that is covered in the HOA’s policy.
Is condo insurance tax deductible?
If you are living in the condo, then in all likelihood, the insurance is not tax deductible. However, if you are renting your unit out or you are operating a business out of your condo, you may be able to deduct at least a portion of the insurance costs.
Do I need to insure my contents?
Yes. Regardless of what coverage your home owners association provides, you need to insure your furniture and personal items.
If you would to like to discuss your options for condominium insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.