Condominium Insurance

If you choose to buy a condo instead of a freestanding home, then you are getting most of the perks of full ownership without having to take on all the upkeep and maintenance responsibilities. However, even though you might be free from certain liabilities, that doesn’t mean you don’t need appropriate home insurance.  

Condo insurance is a lot like standard homeowners coverage. However, it insures you only with coverage that you need as a condo owner. With the help of St. Andrews Insurance Agency’s property insurance experts, you’ll design the policy that offers you the perfect level of protection.  

You can purchase your condo insurance benefits online now by filling out a quote form, or by calling 850.785.2383 for more information.  

Common Condo Insurance Questions:  

 

How Does Condo Insurance Work?  

When you buy a condominium, you enter a partnership with a condominium association. The association owns the dwelling itself and other amenities on the property.  

However, rather than renting or leasing the space, you will own your dwelling unit in conjunction with the condominium association. Therefore, you will pay association fees to the condominium association for them to provide you with the services necessary for property upkeep.  

You shouldn’t be burdened with having to insure the full dwelling, given that the association has responsibility for certain components of the home. Your personal condo insurance will offer you the freedom to tailor your benefits in ways that offer you only the coverage you need. It will be there to assist you in the event of unexpected, unavoidable problems on your property.  

What Does Condo Insurance Cover?  

The condo association where you reside will carry a master insurance policy to cover them against their own property liabilities. Unit owners, on the other hand, will carry personal coverage, which can usually include:  

• Contents Insurance: Using this coverage, you can insure belongings including furniture, clothing, certain high-value items and electronics.

• Liability Coverage: Accidents might occur on your property that harm someone else, like a neighbor. If you are legally responsible for that person’s injuries or property damage, then this coverage can pay for their losses.

• Additional Expense Protection: Should damage in your home cause you to have to move out temporarily, this coverage can help you cover dining bills, hotel fees or other essential costs until you can return home.

Other benefits that you might need to include within your policy are:  

• Accidental medical payments coverage

• Pet bite liability insurance

• Scheduled personal property endorsements

Dwelling coverage is available to qualifying condo owners. See below for more information.  

How Much Condo Dwelling Insurance Do You Really Need?  

Depending on the dwelling insurance that your condominium association’s master policy provides, you might or might not need to purchase additional coverage within your own condo policy.  

• An all-in master policy insures all surfaces, structures and built-in features (I.e., cabinetry) on both the exterior and interior of the unit. Therefore, the condo owner will only need to insure their own possessions on their personal policy.

• Bare walls-in master policies do not cover any of the structural features within your four walls. Therefore, you will need to purchase your own dwelling insurance to insure features like appliances, bathroom fixtures and installed lighting.

When is Condo Insurance Mandatory?  

If you mortgage your condo when you buy it, then you will usually have to buy condo insurance. By having coverage, you protect the investment that your lender has made in your property.  

Additionally, many condo associations require unit owners to buy coverage—usually liability coverage—to ensure that you can take appropriate responsibility for your mistakes within your own home. That way, all parties with an interest in the property will be protected when challenges threaten.  

For help putting together the policy that is perfect for you, just call your St. Andrews Insurance Agency agent today. We know condo insurance, and we’ll make sure that you can get the policy that is never too much or too little for your precise needs.