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What does condo insurance cover?

What is condo insurance?

There are many types of properties that will make you a homeowner after purchase, but they aren’t always a house. Whether you own a house, duplex, apartment building, or condominium (AKA condo), you are considered a homeowner and homeowners insurance applies to you. Just like homes come in a variety of different shapes and sizes, homeowners insurance also reflects the type of property that is being covered.

Condos are insured differently as they are not standalone homes on a property also owned by the same homeowner. Being that condos are linked to the same water supply, shared walls, and energy systems within the building, there are chances of things going wrong in a unit that are beyond the individual owner’s control. 

That’s where individual condo insurance comes into play. Condo associations often have their own coverage for the building itself, but they usually don’t cover the property of the individuals within each unit. So, it’s important to have your belongs and your condo covered in case of emergency. 

What condo insurance covers

Personal insurance for a condo covers any damage or repairs within the individual unit itself. Condo association insurance covers anything that happens within the building itself that is beyond an owner’s responsibility. And that’s where Nickerson Insurance Systems, Inc. can help rather than hoping for the best from the association.

For exmaple, a leaky pipe that is within the condo association’s jurisdiction may leak into specific units, ruining property inside. While the building’s plumbing likely is covered by the association, that coverage doesn’t go beyond the pipes and the walls.  So, if cabinets, appliances, flooring, personal items and valuables are damaged in something like water leaking or flooding, that’s the responsibility of the owner. 

While it may seem like a no-brainer, people often overlook condo insurance thinking that it’s on the building to cover these types of incidents. It’s best to always be prepared and not rely on anyone else’s insurance plans for personal property. 

Most condo insurance plans cover incidents like:

  • Accidental water damage
  • Theft or vandalism
  • Fire and smoke damage
  • Certain natural disruptors  

Other homeowners insurance plans

While condo insurance will help with some property damages, each plan is different and may not include coverage for more catastrophic events. We also offer more personal insurance plans for these types of events, including: 

  • Natural disaster insurance
  • Dwelling fire insurance

Policies like these involve factors including where a person lives and the possible natural disasters in that area, the state of the structure that’s being discussed, the amount of goods and their values, among many other things. So, it’s important to tell your whole story and have a list of valuables and their worth when coming into a meeting with an insurance agent. 

Let a Nickerson Insurance Systems, Inc. agent help find the right homeowners insurance plan for you 

We pride ourselves on listening to each individual homeowner’s requests and matching it with the best possible plan on the market for them. We know how important personal property is and we want to help you protect it at all costs. 

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