If you are considering purchasing a condo or already own one, it is essential to remember that a condominium association governs it. In short, a condominium association is a legal entity of homeowners in a condominium community who work with each other to maintain property values and the aesthetic of the neighborhood. To facilitate, the owners within the condo community elect from their neighbors a board of directors that are responsible for overseeing the day-to-day tasks of the association and enforcing any community rules. Since board members are volunteers that do not receive compensation for their roles, with many maintaining full-time jobs, most condo associations opt to contract a professional management company to assist in daily operations such as collecting dues, contract negotiation, maintenance facilitation, and more. As a resident of a condo association, you will be required to pay dues that contribute towards the cost of running the neighborhood, including maintenance of all common areas such as a pool, sidewalks, elevators, roofs, and shared hallways.
As the condominium owner, you’ll purchase a specialized condo insurance policy that covers your belongings, damage to the interior of the unit – including walls, and liability coverage in case a third party is injured while at your home. Separately, the condo association will maintain its insurance policy – paid for partly by your dues – for all shared areas of the property and the exterior of your unit.
At Atlantis Insurance Inc. in West Palm Beach, FL, our friendly and knowledgeable team of insurance professionals is ready to assist with your condo insurance questions. Call us today to learn more or stop by our conveniently located office for more information.
Buying a home is one of the most exciting times in a person’s life. You’ve saved money for years, made sacrifices along the way, and kept your eye on the prize. Now you’ve done it! Your very own condo in West Palm Beach, FL. What could be better than living and owning a home in Florida? It’s paradise!
Atlantis Insurance Inc. wants to remind all homeowners in Florida that maintaining a condo insurance policy is required here, but you may be paying for more than what you actually need.
The Right Insurance for Condo Owners
You may have purchased homeowner’s insurance as a condo owner, assuming all the coverage in the policy was also necessary for your condo. Unfortunately, this isn’t always the case. If you own a condo, the community you live in is maintained by a Homeowner’s Association (HOA) and they often cover some of what a homeowner’s policy would, like the exterior walls and common areas.
Just like homeowner’s insurance, condo insurance protects you in the event that your property is damaged or from a severe storm or other natural disaster. Living in Florida, you know the weather can often surprise us, and out of nowhere, we’re suddenly in the middle of a downpour. It can be dangerous, and you want to protect your home when these things happen.
The team at Atlantic Insurance Inc. can help condo owners to determine which policy is best for them, what their HOA actually covers, and what kind of coverage they need in West Palm Beach, FL. Don’t assume you have the coverage you need simply because you bought a homeowner’s insurance policy. Condo insurance has different requirements, and you’ll want to be fully and properly insured.
Owning a condo puts you in need of insurance, just as living in an apartment or an attached house. You may not be responsible for much of the building, but there are parts that you are responsible for maintaining and insuring. If you don’t have a condo insurance policy, call us at Atlantis insurance Inc. in West Palm Beach, FL.
Insuring Your Possessions
One of the most important things that condo insurance does is to insure you against your possessions’ loss. If there were to be a major incident that ruined or destroyed your things, your condo insurance would pay you for that loss. You can begin this by taking an inventory of what you own just in case. Please prove that you own the items by taking pictures of them before any incident happens. You can also walk around and film each room and closet for a comprehensive record of what is in your condo.
Insuring You Against Liability
Many people don’t think much about their liability coverage- until it’s too late. This type of coverage is significant in today’s litigious society, and condo insurance covers you for this liability. If someone were to rack up medical bills after falling ill or being injured in your apartment, your liability coverage would pay for those bills up to your policy’s maximum payment. With medical bills as high as they are, you can’t be without this coverage.
Talk to an Insurance Agent
If you need a condo policy, contact us today at Atlantis insurance Inc. in West Palm Beach, FL, and make an appointment with an insurance agent to discuss the policy you need. You can get more information about the different types of coverage included in a condo insurance policy and how they each protect you.
If you purchase or already own a condo, you do not own the building or the land it sits on. The homeowner’s association that your condo falls under will have a master insurance policy that will cover the building in which your condo is located along with the land it sits on and the outer buildings on the property, but what does it not cover? Well, that would be the inside of your condo and everything you own.
What is Condo Insurance?
Condo insurance, also known as HO-6 insurance, covers everything your homeowner’s association policy does not. For example, if there is a fire and your condo is destroyed, the master policy will only cover the building that houses your condominium. You will be responsible for replacing all of your clothing, appliances, furniture, and everything else that you lost in the fire. This is why you must obtain your own condo insurance policy.
Is Condo Insurance Required?
Many homeowner associations require you to obtain a condo insurance policy. If you purchased your condo through a loan from a mortgage company or bank, more than likely, your lender would require you to have condo insurance to protect their investment as well as your own.
What Does Condo Insurance Cover?
A condo insurance policy will cover not only your personal belongings and living expenses if you should happen to have to relocate if a disaster occurs, but it will also cover your personal belongings if they are stolen. Your items are also covered if a tornado or hurricane occurs, or someone vandalizes your personal property.
Liability and Medical Payments
While your homeowner’s association condo insurance policy covers injuries that occur to people visiting in the common areas of the location in which your condo is located, it will not cover them if they are injured while visiting you inside your condo or on your condo property. This part of your condo insurance policy is vital in the fact that, for example, someone trips and falls on their way out of your door after visiting you and they sue you, your insurance will come in handy in paying their medical expenses and lost wages.
Many other coverage options can be added to your condo insurance policy by speaking with an experienced and knowledgeable condo insurance agent like the agents at Atlantis Insurance Inc. in West Palm Beach, FL. Call for an appointment today!