5 Most Common Misconceptions About Condo Insurance

Buying your condo is just the first step. You need condo insurance to get adequate coverage for your unit and everything you have in it. To better understand the purpose of condo insurance, here are some of the most common misconceptions and the truth about them.

1. Condo Corporation Insurance and Condo Insurance
   A lot of condo owners believe that since their condo corporation already has insurance, therefore they wouldn’t need to purchase their own policy. The fact is, the condo corporation insurance or master policy only covers common areas such as the lobby, patio, gym, and rooftop.
   
   It doesn’t offer sufficient coverage for your personal properties or belongings and the enhancements or improvements that you added to your unit. That is what condo insurance is for. It protects the unit owner from financial loss brought by damage or loss of their personal property.
   
   
2. Coverage Offered by Condo Insurance
   Condo insurance isn’t limited to cover personal properties alone. Similar to home or tenant policy, it covers liability claims, identity theft, additional living expenses, additional expenses for the unit’s improvement, etc. It can also serve as a type of supplement to your condo corporation’s insurance in the case it is insufficient or inadequate to cover for loss assessment and additional protection.
   
   
3. Limitation of Coverage
   Generally, condo insurance covers everything in your unit. What you must know is that it may not sufficiently cover all of your jewelry including luxury watches and gems, as well as fur, fine arts, sports cards, stamp, and coin collection, silverware, etc.
   
   You would need to purchase additional coverage for those as your condo insurance will only cover the sum that is within the amount stated in the policy.
   
   
4. Insurance for Renting Out
   If you’re going to rent out your condo, your tenant will need to purchase their own tenant insurance. Your condo insurance only covers properties that belong to the policy owner alone, including liability claims and additional living expenses.
   
   
5. Water Damage Coverage
   Your condo insurance might not cover for damages that are caused by sewer backup and overland water. If you want coverage for heavy rain, spring run-off or lakes and rivers overflow, you would need to look for an available add-on to your condo insurance.

 
Make condo living a lot easier by getting the right protection that you need from condo insurance.
 
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.