Condo Insurance: Coverage Basics
If you live in a condo, your Condo Association probably provides some level of rudimentary insurance coverage. Typically, such coverage is limited to one of the following three types of policy:
- Coverage for the complex’s primary building and common areas
- Coverage for each building and for items within each unit considered to be property of the condominium complex
- Coverage for each building, each individual unit, and for any fixtures or improvements to the unit made by the occupant
Condo Insurance Liability Coverage
Condo Association coverage also typically features a small level of personal liability coverage. For most occupants, however, this coverage won’t offer sufficient protection against every possible liability.
For example, if a guest suffers an injury or property damage while in your condo, association coverage may not be sufficient to cover the damages—especially if you get sued. Additionally, condo occupants themselves get no coverage at all for injury or property damage.
Know Your Condo Association Coverages
If you’re a condo owner, it’s crucial to know the types and amounts of courtesy coverages provided by your condo association. Understanding those built-in coverages will help you make informed choices regarding condo insurance and the coverages you need to gain maximum protection.
Condo Insurance Protects Your Assets
For most people, buying a condo represents one of the largest investments they’ll ever make. You wouldn’t dream of carrying insufficient coverage on your house, and sufficient condo coverage is just as important. Without it, you stand to lose almost everything in a disaster. Like solid home insurance, a comprehensive condo policy protects your assets, allowing you to more-easily recover and get back to a normal life when disaster strikes.
What Does Condo Insurance Cover?
With sufficient condo coverage, you can protect your condo from fires, wind and hailstorms, lightning strikes, theft, and other events not covered by association coverage.
What Are Condo Insurance Exclusions?
As with home insurance policies, condo insurance doesn’t cover specific peril types:
- Earthquakes and mudslides
- Natural deterioration and neglect
- Birds, rodents, insects, and domesticated animals
Multi-Policy Condo Insurance Discounts
If you purchase condo insurance through a Tom Ruggirello Insurance carrier, you may be eligible for discounts if you’re an existing Tom Ruggirello policyholder. Whether you’re an existing customer with our agency or not, ask about multi-policy discounts when you bundle condo insurance with other policies.
For a Free Condo Quote, Contact Tom Ruggirello Insurance Agency
At Tom Ruggirello Insurance, we build strong, long-term friendships on a foundation of solid, affordable coverages. Our ability to comparison-shop on your behalf saves you time and, most importantly, money!
If you’re ready to make a new friend with a condo insurance agency that’s dedicated to helping policyholders make informed coverage decisions, call Tom Ruggirello Insurance today at 772-621-9966. For a free online condo insurance quote, just fill out the quote form on this page.