Did you know that it is as important to insure a condo as it is a home? Let the Fuqua Insurance Agency, serving the Tallahassee, FL area, explain why condo insurance is necessary.

Why Condo Insurance?

Condominium insurance, also known as HO6 insurance, is designed to work with your association’s insurance policy. It will cover personal belongings and, in most cases, permanent fixtures in your unit, such as built-ins. If you are sued for negligence, if your dog bites a guest, or if you need to relocate during repairs, it helps with these costs.

Condos are a great alternative to renting an apartment. You will build equity the same as if it were a single-family home. But condos have their own unique needs when it comes to insurance.

An HO-6 insurance policy is what is required for a condo. HOA policies cover the structure of the building including elevators, common areas, exterior walls, and the roof. They do not cover individual condo units. That is why the owner needs to purchase condo insurance.

An event not typically covered by an HO-6 policy is flooding, which is not covered by any homeowners’ insurance company. A specific policy would be needed for it. If your condo floods from accidental water damage from the condo above, it will be covered by your homeowners or condo insurance. If it can be proven that the damage was preventable, the insurance company could take action with the neighbor’s insurance company.

Get The Right Coverage Today

Condo insurance is relatively inexpensive when compared with what you could lose in the event of a fire, break-in, or some other covered peril. Protect your condo. Don’t risk losing your personal property in the event of a disaster.

Our team of insurance experts at Fuqua Insurance Agency in Tallahassee, FL can provide a quote or answer any questions you may have. Contact us today.

Protect your home with the right condo insurance policy. As a tenant, you’re responsible for your belongings and any damage you cause to the property. Condo insurance can help cover the cost of repairs or replacements if something happens to your belongings or the unit itself.  Fuqua Insurance Agency in Tallahassee, FL offers this guide on navigating this important coverage.

What is Condo Insurance?

Condo insurance is a type of homeowner’s insurance that explicitly covers condos. Like other homeowner’s insurance policies, it can help protect your home and belongings from damage or theft. It can also help cover the cost of repairs if you accidentally damage another person’s property.

What Does Condo Insurance Cover?

Condo insurance typically covers:

• Damage to your unit from a covered event (e.g., fire, windstorm)

• Theft of your belongings

• Liability coverage if you’re sued for accidentally damaging someone else’s property or injuring them

Also, if you need to leave during a covered event (e.g., evacuation because of a hurricane), your condo insurance can help cover the cost of temporary housing.

What Does Condo Insurance Not Cover?

Condo insurance rarely covers:

• Flood damage

• Earthquake damage

• Damage caused by poor maintenance or negligence

• belongings left outside of your unit

Before accepting a policy, read the fine print to ensure you understand what is and isn’t covered. Your Fuqua Insurance Agency representative can help explain the coverage and exclusions in your condo insurance policy.

Deductibles and Limits

Condo insurance policies typically have a deductible, the amount you have to pay before your insurance kicks in. For example, if you have a $500 deductible and your damages total $1,000, you pay the first $500, and your insurance would cover the remaining $500.

Most policies also limit the maximum amount your insurance will pay for a covered event. For example, if you have a $500 limit for personal property and your damages total $1,000, your insurance would only cover $500.

Give Us A Call

Your Fuqua Insurance Agency representative in Tallahassee, FL can help you choose the right deductible and limits for your condo insurance policy.