Does my condo insurance cover renovations?

In Brandon, FL, you will just as likely need to purchase condo insurance as you would homeowner’s insurance. Both housing types remain quite common and Runnels Insurance offers both.

Once you settle into your condo, you might decide to renovate. It makes sense to make the place truly yours. You need to know that the insurance your condo association provides does not cover your renovations. Whether it provides “all-in” or “bare walls” coverage, it does not cover your changes.

The all-in master policy covers the condo’s interiors from the studs inside the walls to the contents with which you filled it. That means your Alexa gets replaced, as well as the cabinets, flooring, lighting, etc. In this case, you get back the condo you purchased and everything in it. This is a rate policy that most condo associations do not carry.

The bare walls master policy covers the cabinets, flooring, lighting, etc. only. That leaves replacing your contents up to you.

The result of a close read of your master policy is that you need a supplementary condo insurance policy of your own. A condo insurance policy provides similar coverage to a standard HOA policy. It is a derivative type of HOA. It provides coverage for any type of renovations or remodeling you made to the interior, your contents and liability coverage. That means if a guest trips, falls and breaks their arm in your bathroom, the condo insurance covers your liability which would include their medical costs and perhaps a suffering payment.

Drop by Runnels Insurance in Brandon, FL to discuss your condo insurance needs. We can help you with a home inventory or to determine your additional liability needs if you run a home business.