Condominiums have become a popular choice for individuals who prefer not to have the maintenance responsibilities of a single-family home yet want the financial benefit and privacy of home ownership. Hausmann Insurance & Financial Services, with offices in Charlotte and Waxhaw, NC offers condo insurance to protect your condo investment.
Special Problems That Condo Insurance Covers
Your condominium homeowners association generally carries a “master plan” of insurance that covers the exterior walls, roof, and common areas of your condo building. Some policies also cover plumbing and electrical systems within your building.
However, your possession inside the condominium is not covered by this policy, and if a damaging event should occur, you would not receive any reimbursement for goods that have been destroyed. Condo insurance fills in the gaps, covering clothing, furniture, electronic equipment, and many other items that would be expensive to replace.
Types of Coverage – Actual Cash Value or Replacement Cost?
Your condo insurance policy may reimburse you at the actual cash value of your possession, that is, what they are worth after depreciation and wear and tear. Another type of coverage reimburses you at replacement cost, which will pay at the level of a new item. Replacement cost policies are more expensive than those for actual cash value but may be the better deal if you want your goods to be replaced with new items. Special, expensive items may only be covered to a certain limit, so you may need to schedule these items to receive higher limits of reimbursement.
Choose Us For Your Condo Insurance
We can provide in-depth answers to help you understand the details of your policy coverage. Contact Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC today for a no-obligation quote on condominium insurance for your property.