If you’re unfamiliar with condo insurance, you’re certainly not alone. As the name implies, it is a type of insurance designed specifically for people who own condominiums. It can help protect your belongings, as well as the interior of your property, from things like fire, theft, and even water damage. If you’re currently looking for condo insurance in Naples, FL, consider a policy from us at Pro America Insurance. In the meantime, check out the following facts to understand precisely what condo insurance is and how it works:
What It Covers
- Personal property, including furniture, appliances, electronics, clothing, and more
- Legal fees and personality injury settlements if someone is injured in your condominium
- Additional living expenses if your condo becomes uninhabitable and you need to live somewhere else while it is repaired
- The basic structure of the condo, including interior walls, floors, and ceilings (no exterior coverage)
What It Doesn’t Cover
Standard condo insurance does not cover certain things like natural disasters or damage caused by pests. It also doesn’t cover the common areas of the condo complex, like hallways, elevators, roofs, etc. You may need additional coverage for these.
Condo Insurance Vs. HOA Master Policy
The Condo Association typically has a master insurance policy, which covers the exterior of the building, common areas, and sometimes even original fixtures in your unit. However, this policy does not cover personal belongings or any improvements you’ve made to the unit. That’s where your personal condo insurance comes in.
The Cost of Condo Insurance
The cost of condo insurance depends on various factors, including the value of your personal property, coverage limits and deductibles, your condo’s location, size, the building’s construction type, and more.
And remember, if you need condo insurance in Naples, FL, contact us at Pro America Insurance today!
