Condo Insurance

Condo Insurance

Art Glasgow, Peck-Glasgow Insurance

 

Condo’s have become a popular housing alternative.  Lake condo’s, beach condo’s, game day condo’s, destination condo’s and city center condo’s are great family vacation homes without the hassles of traditional
home ownership.  But property and liability losses can occur at these type of property units like they do at your home.  Fire, water line breakage, theft are common sources of loss.  Specialty insurance for condo’s are needed to adequately protect the unit
owner from significant financial loss.

 

Most mortgage companies require condo owners to carry condo insurance.  However it is still considered optional by many, but this coverage can save you thousands of dollars of loss by having it.  Do a
little work and seek out the proper type and amounts of coverage to protect yourself.

 

Most Home Owner Associations have a policy that covers the buildings exterior (such as walls and roofing) and common areas.  However in most cases, the interior structure, and fixtures are left to the
unit owner.  Also personal belongings, furniture and appliances are the responsibility of the owner.  Some HOA’s even require the exterior of the building to be covered by the unit owner.

 

Check your HOA’s covenants, conditions, and restrictions to find out what is covered and what is excluded.  Most importantly, follow up and consult with your Independent Insurance Agent to make sure you
discuss your findings and changes that need to be made.  Your agent can then show you options for covering the risk that you face.