Condo Insurance in Virginia

Purchasing a home feels like an amazing achievement. A condo community can offer many benefits of apartment life (lawn service, maintenance, and other amenities depending on the neighborhood) as well as the perks of a house (such as having a lawn). Of course, with that comes the financial liability of homeownership. The professionals at Cary-Wheeler & Associates Inc., of Richmond, VA, can help condo owners enjoy the peace of mind that house owners have when covered by the right insurance.

What Is Condo Insurance?

Condo insurance is not much different than typical homeowner's insurance. In fact, it may be subsidized in a homeowner’s association, depending on the association bylaws. One of the biggest differences is that it usually costs less to insure a condo than to insure a house. This is partly due to the assumption that any adjoining neighbor is also likely carrying insurance for their portion of responsibility.

Condo Insurance is often broken into categories. Dwelling Coverage applies to structural components, such as walls and ceilings. Personal Property Coverage applies to the possessions within the condo. Liability Coverage applies should you be responsible for damage to another person or their property (usually to include legal fees). Condo coverage tends to be easier to customize to fit your needs depending on your situation. For example, if your homeowner's association provides dwelling coverage, you can opt to get personal property coverage independently for your own protection.

Virginia Condo Insurance Requirements

Unlike with cars or other vehicles, the state of Virginia does not mandate condo insurance. However, lenders often require it. Depending on the terms of the homeowner’s association, you may have ample coverage. Just as with apartment living, a neighbor’s kitchen fire can become your house fire. Speak with one of our trained agents at Cary-Wheeler & Associates Inc., of Richmond, VA, to see if any coverage you have is ideal, or if you may want to consider options.

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