As an owner of a condo, you are typically not responsible for the interior, exterior or physical structure in general of your unit. In most cases, your Condo Association is the holder of insurance on physical structures and all common areas on the property. You do not need the full coverage of a traditional homeowners insurance policy, however you do need to cover your own belongings, fixtures and appliances within your unit, any interior improvements you may have done to your unit for which you are responsible as well as any liability for personal injuries happening to anyone while they are within your unit.
Any damage from fire, wind, snow, hurricanes, tornadoes, broken water pipes as well as accidents, theft and vandalism are covered by a condo insurance. It also helps cover any additional costs including living expenses and storage needed in case your unit becomes temporarily uninhabitable.
Assessments happen on a regular basis within condo associations. The value of an assessment, which can be related to upgrades or liability issues within common areas, is typically divided between members of the association. A loss assessment coverage can be added to your condo insurance to protect you by covering expenses from any such assessments.
HOA agreements and policies do vary between associations. It is important to understand what is covered by your association and what should be covered by you. We at Crusberg-Decker can help you put the right plan together that fits your lifestyle and complements your association policies. Contact us at 800.640.1712 or fill out the form on this page to learn more.
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