Category: Condo Insurance

Typically, condos are affordable compared to single-family homes. For this reason, condos are popular with homeowners operating on a tight budget or looking to downsize. While owning a condo is a significant step in your life, you need condo insurance to complete your condo ownership journey. If you are unfamiliar with condo insurance, here is a brief guide from Hausmann Insurance & Financial Services, serving Charlotte and Waxhaw, NC, and surrounding areas. 

Doesn’t the condo association policy cover my condo?

While it’s true your condo owners association (COA) has a master policy, this coverage protects the outside of your building and damages and injuries occurring in common areas such as the tennis court and lobby. In light of this, the COA master policy doesn’t protect damage to your dwelling’s interior and other assets.

What does condo insurance cover?

Given that perils like fire, theft, and vandalism are a constant threat to condo owners, you need condo insurance to protect your assets. Here are the areas covered by condo insurance:

• Interior dwelling coverage: Covers the inside of your dwelling, including walls, fireplace, roof, floors, light fixtures, and plumbing system.
• Assets protection: Safeguards your assets from loss or damage from perils like theft, hail, fire, vandalism, and many others. 
• Liability claims: Covers you against property damage and bodily injury that you and your family members cause to third parties. For instance, if a guest injures their leg while on your premises, condo insurance covers the medical costs.
• Loss of use: This coverage pays for additional living expenses you incur while in a temporal residence while your dwelling is undergoing repairs caused by a covered risk.

Because condo insurance doesn’t cover your entire building, it’s surprisingly affordable. If you are shopping for condo insurance, please contact Hausmann Insurance & Financial Services, serving Charlotte and Waxhaw NC, and nearby areas, for an affordable quote. 

Owning a condo is a little different than owning a freestanding house. While you own your unit, the exterior is maintained and insured by the HOA with a master policy. It covers things like your siding and roof and the common areas you share with other owners. This puts less liability on you but exactly how much can differ from HOA to HOA. Before getting your condo insurance, familiarize yourself with the coverage provided by the master policy. At Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC, we offer service to our customers in both English and Spanish, and our experienced team always puts your needs first. 

Building

While condo insurance doesn’t cover the exterior of the building, it does cover fixtures on the inside, such as kitchen cabinets, built-in bookcases, bathroom fixtures, lighting, and permanent flooring. When figuring the amount of insurance you need to cover these, any upgrades you have made from builders grade should be considered. 

Contents

Everyone has a lot more content than they realize. Imagine if you had to replace everything you own. When it comes to content coverage, you have two options replacement cost or actual value. Replacement cost is more expensive, but it will actually give you the money you would need to replace something you had at today’s price, not at its depreciated price. 

Loss of use

If a covered peril damages your condo, you may not be able to live in it. While it is being repaired, you will need a place to stay. Loss of use coverage will allow you to go to a hotel and then a rental for an extended stay. It can make a big difference so check your policy for the amount and limits of this coverage. 

Contact Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC if you have condo insurance needs or questions.