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.
