Condominiums typically include insurance as part of their building and HOA fees, but that doesn’t mean you’re completely protected. If you’re a condo owner, your unit and personal property might not be covered by the building’s policy. Know your coverage and know your options to prevent being surprised by damage, costs and liability.
What is covered?
Building fees and HOA dues often cover the building, amenities, maintenance, and liability. According to NerdWallet, this typically covers damage to the property like roof damage, upkeep of parking enclosures and lobbies, as well as liability if people are hurt or property is damaged on the premises. It can help cover problems and upkeep shared by the residents in a complex, but it doesn’t always protect the individual.
What is not covered?
Just because your building has insurance doesn’t mean there’s protection for your own property and what happens inside your unit. Appliances, unit damage and natural disasters aren’t always covered if you own a condominium. If you want extra coverage, you’ll have to purchase your own insurance.
One way to think about it is that condominium association insurance covers the building and the business that is the condominium. Personal insurance covers you and your property.
Condo Insurance can cover varying liabilities and damages, including damage to items inside your unit like the walls, carpets, or fixtures. It can also cover stolen items and accidental injury, or damage caused by pets, according to Insurance.com.
Depending on your policy and your building’s policy, private insurance can also cover issues like broken pipes, flooding or other natural damage like from hurricanes. Check your current policies before buying more insurance to make sure you’re not paying more than you need.
If you want 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.