With being a great alternative to renting an apartment, owning a condominium increases in popularity year after year. The insurance to cover a condominium is similar to homeowners, however it comes with a bit of a different structure. Condo insurance covers for damage from fire, smoke, vandalism, and theft to name a few. It is important to protect yourself from the financial burden of those losses. Snyder Insurance Agency can help!
When you own a condominium, there is a condo association who owns the entire exterior structure and carries their own insurance policy for it. You are responsible for your unit only - and most times, everything inside of it. You may be responsible to cover from your units' studs in (including plumbing, electrical, insulation etc.) or just the walls in (sheetrock, cabinets, anything attached to the walls). There are also agreements that only make you responsible for “betterments and improvements”; upgrades you added later, above the builder’s grade construction. This contractual obligation is outlined in your condo agreement and is helpful to reference when determining how much coverage you need for the unit itself.
Also, unlike homeowner's insurance who uses a percentage limit of your property coverage, you have the freedom to decide how much coverage you need for your personal property or belongings. We can help with determining an amount to cover your items' replacement, should something happen to them during a covered loss.
In addition to your property & personal property coverage, you may also need coverage for loss assessment. Sometimes condo associations have shared areas within the condominium (pool, patio, community room, wellness center, courtyard, etc.). When these "common areas" have a covered loss, the condo association can assess their deductible to the unit owners, making you responsible for part of that repair. There is partial coverage to help with this too!
With our condominium insurance policies, we can assist in protecting your possessions as well as your contractual property responsibilities. Let Snyder Insurance Agency help you!