What many condo owners don’t understand is that condo insurance is different from home insurance. It’s also different from rental insurance.
Both you and your condo association will be responsible for different parts of where you live, and this concept can be confusing to some. Here’s what you need to know about who insures what when it comes to your condo:
The “Ins and Outs” of Condo Insurance
First, it’s important to note that your condo association is not responsible for what is inside your condo. That’s up to you, and it’s why you should have your own personal condo insurance policy.
For the most part, you are responsible for everything “walls in.” this generally includes all permanent fixtures, drywall, and all your belongings. Your condo association will be responsible for the physical structure of your condo, the property that your condo is on, and the common areas of your association.
With this in mind, as you search for a condo insurance policy that will work for you, you’ll need to have one that covers the interior structures of your building and your personal property. You should also find a plan that accommodates for loss of use or additional living expenses should your condo be too damaged to reside in, medical payment coverage, loss assessment coverage, and coverage for personal liability.
Contact Jim Boyce Insurance
Are you a Charlotte, NC resident who is looking for condo insurance? Jim Boyce Insurance proudly serves the residents of Charlotte, NC. One of our knowledgeable insurance agents would be happy to speak with you about your condo insurance options and help you find a policy that works for you. Stop by our nearest agency location or call us at your earliest convenience to learn more.