Purchasing a condo is an investment that you need to protect with adequate insurance coverage. There are some distinct factors that apply to condo insurance that may not apply to traditional homeowners’ insurance. You need to be aware of these factors to choose the right policy.
The following are five important questions you need to ask before purchasing insurance for your condo unit:
Is there any coverage from the HOA insurance for injuries within your unit?
Condominium complexes generally have master policies owned by their homeowners’ association that will offer coverage for certain liabilities and accidents.
You need to find out what the master policy covers and whether or not it covers any liabilities for accidents that take place in individual units. If this type of coverage isn’t offered at all, you’ll need to take care of it independently through your own policy.
Do you have association insurance and what’s the deductible?
If the master policy at your condominium complex does offer some coverage, you need to find out what the deductible is. As a unit owner, you may be responsible for covering the deductible in the event of an accident.
If the deductible is particularly high, you may want to consider purchasing your own policy to cover you.
Does the condo insurance policy you’re considering offer coverage for special types of damage like floods and wind storms?
Depending on the area where your condo is located, you may want to get additional coverage for natural disasters like floods and wind storms.
Condos located in coastal regions and regions that are susceptible to tornado or hurricane damage often require additional coverage.
Contact AWARD Insurance Group serving Dalton, GA to learn more about the condo insurance option that’s right for you.