5 Questions About Condo Insurance

Are you considering buying a condominium – or do you already own one in and around South Kingstown, RI? If so, it is essential to understand how insurance protects you and your investment. According to Kingston Insurance Agency LLC, condo unit owners must understand how to fill the gap or spotty coverage created by the HOA’s master policy.

To better understand your potential risk as a condo unit owner, find the answers to these questions:            

What is the Insurance Deductible for the Homeowners Association?

The master insurance policy for the HOA provides essential coverage for the building and common areas. However, each unit owner will ultimately absorb their relative portion of the HOA’s deductible.

How Much Coverage is Appropriate for Your Unit Owner Policy?

Determine the personal property and/or unit upgrades you want to insure.

Should You Choose Cash-Value or Replacement-Cost Coverage?

After determining the amount of insurance you need, you must decide if you want a cash-value or a replacement-cost policy. The primary difference between these two options is that, for the cash value coverage, depreciation will reduce the amount of the claim, and replacement-cost coverage will not.  

Are the Contents and Structures Covered?

Condominium insurance coverage offers protection as follows –

  • Contents – jewelry and personal property, etc.
  • Structures – custom cabinetry, flooring, etc.

Is there Coverage for Flood Damage?

Flood insurance is optional unless the condo is in a flood zone. If the entire project is in a flood zone, it is more than likely that the HOA has a master policy. Unit owners can purchase flood insurance privately to cover the contents and structures.

Reach Out To Us!

For additional information regarding condominium insurance, contact the Kingston Insurance Agency LLC – serving the South Kingstown, RI area. 

What If My Condominium Association Has Insurance?

What if your condominium association has insurance? If your condo is damaged, will the association’s insurance policy cover it? Here we dive into what to do if your condominium association has insurance.

What Do Condominium Insurance Policies Cover?

As a general rule, most condo associations have insurance that covers the common areas of the property. These include the lobby, hallways, and recreational facilities. This type of insurance is known as property insurance.

It usually does not cover the interior of your individual unit, such as your walls, floors, ceilings, or personal belongings. Moreover, property insurance typically has deductibles that the condo association must pay before the insurer will pay out any claims.

What if My Unit Is Damaged?

If your condo unit was damaged and the condo association’s policy does not cover the damage, you may be able to file a claim with your own insurance company.

Most homeowner’s or renter’s insurance policies cover damages to the interior of your dwelling, as well as your personal belongings. However, it’s important to check your policy carefully to see what is covered and what is not. You may also have to pay a deductible before your insurer pays out any claims.

What Can I Do to Protect Myself?

The best way to protect yourself in South Kingstown, RI is to purchase your own insurance policy from Kingston Insurance Agency LLC. Get one that covers your unit, as well as your personal belongings. This way, you’ll be covered no matter what happens.

You should also stay up-to-date on the condo association’s insurance policy. Check to see what’s covered and what is not. Don’t hesitate to ask the association or your insurance agent if you have any questions. Taking these steps will help you protect yourself in the event that your condominium association has insurance.

Give Us A Call

If you are unsure whether or not your condominium association has insurance, contact the association’s board of directors or property manager. They’ll be able to provide you with more information about the insurance coverage that is in place for your condominium complex. If you need condo insurance, contact Kingston Insurance Agency LLC in South Kingstown, RI today.

Why You Need Condo Insurance

Condo insurance is designed to help protect your condominium against all kinds of unknowns. It doesn’t matter where you live; condos are not immune to the risks associated with extreme weather, fire, or liability. There are many reasons why you need to purchase condo insurance in South Kingstown, RI, and three of those reasons are listed below. 

When done reading, give the experts at Kingston Insurance Agency LLC a call today to discuss your condo insurance needs. 

The Condo Association’s Master Policy Does Not Protect You

Many believe that their condo association’s master insurance policy is enough to protect them against anything that can happen. However, this is not true. Condo association insurance protects damage and injuries in common areas. They do not protect against anything that can happen inside your unit. 

Liability Coverage

You want to make sure you are protected against anything that can happen in your unit. For example, if someone comes over and your dog bites that person, or they slip and fall in your kitchen, liability insurance coverage will pay for medical bills associated with the incidents and protect you in the event the other person sues you for damages. 

Loss of Use

Condominiums are connected to many other units, which puts you at greater risk of being forced to leave your dwelling because someone else caused a fire or water damage affecting your unit. If your unit is deemed unlivable, you and your property are covered under your insurance policy. Additionally, your insurance policy will pay for you to stay somewhere while your unit is repaired.  

Condo owners in South Kingstown, RI should reach out to their insurance agent today to ensure they have coverage for their unit. Those without insurance should call Kingston Insurance Agency LLC today to discuss condo insurance options.