You’re proud of your condo in Brandon, FL, and it may act as your primary home or vacation oasis. But what does and doesn’t your condo insurance cover? Besides flooding, there are other perils that your condo insurance doesn’t handle. For example, your condo insurance covers personal liability and living expense coverage, but your homeowner’s association master insurance policy addresses damages to common areas. At Runnels Insurance, we can answer any questions you may have on your policy and review it for coverage gaps.
What Does Condo Insurance Cover?
These policies typically cover personal property, your unit, loss of use, and your portion of damage to common areas.
The building property portion of your policy covers everything inside the walls of your specific unit, including lighting and plumbing fixtures. Your policy will probably include property coverage for electronics, furniture, and other movable belongings and personal liability for condo-related lawsuits filed against you.
Meanwhile, loss-of-use condo coverage pays for transport and lodging if you cannot remain in your condo, and loss assessment coverage pays your part of the losses shared with other association members.
What’s Not Covered Under Condo Insurance?
In short, your condo insurance won’t pay for any damage covered by your master building policy. So, you could find yourself footing the bill for losses due to wear and tear or termite damage. You may already know that natural events like flooding and earthquakes are also typically not covered under your personal condo insurance. Fortunately, you can obtain separate coverage for these perils.
If you would like one of our team members to review your personal and master condo insurance, we would be happy to do so. It’s essential to understand your coverage so that you can act quickly to cover any gaps before it’s time to file a claim.
Contact Runnels Insurance in Brandon, FL today to set up an appointment to discuss your condo insurance needs.
