Navigating the world of condominium ownership can be exciting, but it also comes with unique insurance considerations. To help you make informed decisions, at Cary-Wheeler & Associates Inc. in Richmond, VA, we have created this Condo Insurance 101 guide. With essential information on coverage types and expert advice from our insurance professionals, you’ll be better prepared to protect your investment.
Condo Insurance Explained
Owning a condominium comes with unique insurance needs. Condo insurance, also known as HO-6 insurance, provides coverage for your personal property, liability, and the interior structure of your unit. It complements what’s provided by your condo association’s master policy, which typically covers the building’s exterior and common areas.
Personal Property Protection
Condo insurance safeguards your belongings against theft, fire, and water damage. Having adequate coverage for your possessions is vital, as replacing them can be expensive. Create an inventory of your belongings and their value to determine the appropriate amount of personal property coverage.
Interior Structural Coverage
This aspect of condo insurance covers damage to your unit’s interior walls, floors, and ceilings. It’s crucial to understand the extent of your condo association’s master policy, as it will help you decide how much interior structural coverage you need. For example, some master policies cover the original built-in fixtures and finishes, while others may only cover the bare walls.
Liability protection is another component. It covers you if someone is injured within your unit or if you accidentally cause damage to another resident’s property. Liability coverage also provides financial protection for legal expenses if you are sued for an injury or damage.
Loss Assessment Coverage
Sometimes, your condo association may levy a special assessment on unit owners to handle expenses not covered by the master policy. Loss assessment coverage helps pay your share of those costs, protecting you from unexpected financial burdens.
Take the Next Step and Contact Our Agents
Condo insurance is important in preserving your property, possessions, and financial well-being. Contact Cary-Wheeler & Associates Inc., serving the Richmond, VA metroplex, to discuss your condo insurance options and secure the protection you need today.