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Condo & Townhouse Policy
Condominium and Townhomes Require a Slightly Different Insurance Coverage
Condo and Townhome ownership typically require coverage for the interior of your unit and your personal property.
Since Condos and Townhomes often rely on a Master HOA policy to provide complete coverage, it’s important to understand where the Master Policy leaves off and the Unit Owners Policy begins. Because we specialize in HOA insurance, we are perfectly suited to assist you in this often confusing process.
What Does A Condo/Townhouse Policy Typically Cover?
Building: Depending on your coverage needs, this coverage may include the full interior of your unit, or perhaps just the upgrades of your unit. No agent will know until they learn more about your master policy from your HOA. Don’t fall in the trap of letting an agent assume what you need. Let us handle the process of personalizing your coverage to the requirements of your HOA.
Contents: Personal belongings such as furniture, clothing, electronics, jewelry, etc.
Loss Assessment: Helps cover any special assessment levied by your HOA for a covered cause of loss, such as fire, or liability claim.
Liability: Helps protect you from loss in case you’re financially responsible for injury to others or damage to their property. This coverage extends beyond your home and in fact follows you anywhere in the world.
Here are some claim examples:
- Your Condo catches on fire: Your HOA Insurance pays to fix your structure, possibly including all essential items such as flooring, cabinetry, etc. Don’t worry, we can help you figure this out in advance. Your Building Coverage steps in where your HOA policy stops. This could include upgraded flooring, cabinetry, fixtures, etc. Your Personal Property pays for all of your lost or damaged furniture, clothes, jewelry, accessories, etc. Your Loss of Use pays for a secondary home while your home is being rebuilt.
- You and your neighbors receive a Special Assessment from your Board of Directors due to a very large HOA Deductible: Special Assessment coverage will reimburse you for this assessment.
- While snow skiing, you inadvertently run into another skier, causing injury: Your Liability Coverage pays for the injuries sustained to the other person and the legal bills should you be sued.
- While on vacation you have all of your luggage stolen: Your Personal Property Protection pays to replace all of your stolen items.