Sherzer Insurance Blog
Aside from the possessions during a loss, your condo insurance should also protect you from claims of liability if you are blamed for someone else’s injury or property damage. Find out more by reading the FAQs below.
What Does Condo Insurance Cover?
There are two types of condo master policies:
You will need to purchase more of personal condominium insurance if the association you are in has a Bare walls-in type as the condo master policy.
How Does Condo Insurance Work?
The condo association master policy or the HOA policy covers the damages and losses that will incur in the building, external features, or grounds. Your condominium policy, however, is what covers your personal belongings, appliances, and may include attached features inside the unit and installed fixtures. During the events of covered losses, such as fires or break-ins, you are required to file your insurance company, or the condominium association’s insurance company, a claim.
Does Condo Insurance Cover Special Assessments?
The minimum condo insurance, unfortunately, does not cover special assessments. However, several policies include exclusive assessment coverage for those “named perils.” To cite an example, if a fire breaks out in your condominium that provides for the common areas, the association’s unit owners may receive a notice of individual assessment to cover the damages caused by the fire. Special assessment insurance, also named the “title insurance,” is a separate purchase, though. It covers all the other special assessment that is not included in the files and documents of your condo property.
Does Condo Insurance Cover Mold?
Most of the time, insurance companies exclude mold coverage in their policies. However, you can still successfully file a condo insurance claim with your insurance company under specific circumstances. A good example is when a pipe suddenly breaks in your unit while you are away on vacation. Upon your return, you see mold and water all over the room. With a scenario like that, your insurance company will most likely cover the damages and mold remediation since peril caused it.
You can get an idea of how much insurance you should get by gathering an inventory of all your possessions. Check how much their costs would be in terms of replacement during instances like burglaries or fires. To cut it short, make sure you have the condo insurance policy you need.
At Sherzer Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (239) 673-9301 or Click Here to request a free quote.