Purchasing a condo is often a less expensive alternative to owning a home. Condos are more than apartments and different from houses. Therefore, the insurance on a condo works a bit differently. Condo insurance is often coupled with a homeowners association’s (HOA) policy. It is important to know how each type of coverage protects you.
Condo Insurance
condo insurance in Cape Coral typically covers the following:
Personal belongings: If your personal belongings are stolen or damaged, your condo insurance will cover it.
Interior structure: Flooring, walls, fixtures, and countertops are not covered under your HOA policy, therefore, you need to include them in your condo insurance.
Liability: If your guests are injured in your home, or if their belongings are damaged in your unit, your personal liability coverage provided by your condo policy would cover it.
Loss of Use: If you cannot live in your home due to damage, the loss of use clause in your condo policy would pay for living expenses until your condo is habitable again.
Risks Covered by Condo Insurance
Your Condo Insurance in Cape Coral will cover your unit and your belongings against the following:
Fire
Lightening
Wind
Hail
Smoke
Theft
Vandalism
Collapse of building
Explosion
Impact from vehicles
Falling objects
Weight of snow, ice, or sleet
HOA Insurance
HOA insurance typically covers the following:
Exterior structure: The outside areas of your condo, such as walls and the roof, are covered under your HOA policy.
Land: If a guest is injured on the property outside of your condo, your HOA insurance would cover it.
Common Areas: All of the common areas, including hallways, lobbies, the pool, and any other area which is used by all everyone in the building are covered by the HOA insurance. You would file any liability and damage claims with this insurance.
Shared amenities: Any amenities that are shared by all tenants are covered under your HOA policy.
When you purchase a condo, it is important to understand your condo insurance and the HOA insurance. Knowing what each covers and does not cover will make things easier if you need to file a claim in the future.
