If you are buying, or have recently bought, your first condo, then you may be unsure what you need to look for in condominium insurance. Since you do not own the building, and your HOA likely has a master insurance policy that will cover the exterior of your home, you may wonder what exactly you need to insure. While your HOA’s master plan covers the exterior of the building, it likely does not cover the interior of your home or your belongings. To ensure that you are protected in the event of theft or natural disaster, here are just a few of the things that you should get coverage for in your condominium insurance policy.
Damage to Your Home’s Interior
The amount of condominium insurance coverage that you will need will greatly depend on the type of master policy your HOA carries. If your HOA has what is known as an “all-in” policy, it will usually cover items within the home that were original when you purchased your condo such as cabinetry, fixtures, plumbing, and wiring. However, if your HOA has a barebones policy that only covers the walls, floors, and ceilings, then you will need a more comprehensive policy that will cover you no matter what happens to your home’s interior. It is then critical that you find out exactly what your HOA’s master policy covers before you start looking at condominium insurance.
Replacement Value of Your Belongings
Something condo owners often don’t think about when purchasing insurance is the belongings within their home. However, if your home is broken into, or there is a fire, you will need to be able to replace your appliances, your furniture, and all of your belongings. However, this can add up to tens of thousands of dollars in losses. It is then critical that you take this into consideration and purchase a condominium insurance policy large enough to replace all of your belongings.
Damage That Exceeds Your HOA’s Policy
You should also look for a policy that covers damages that exceed the limit of your HOA’s master policy. For instance, if your house is damaged in a storm and the master policy is not able to cover all of the repairs, you may be required to contribute your own money. However, if you have “loss assessment” coverage as part of your condo insurance, this damage may be covered.
Finally
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!
Robert 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. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.
