Owning a condominium carries its own responsibilities. You, not the homeowner’s association, are responsible for what’s inside your condo. That’s why it is critically important to have a condo policy!
Your condo association will have a master policy that will cover the property, common areas and physical structure of your building. That being said, they do not cover what is inside of your condominium, such as your carpet, your clothes and your furniture!
That’s why you need condo insurance.
Condo insurance in Tucson, Arizona will typically include coverage such as:
Replacement value of your primary dwelling and specified permanent attachments, up to a specific value
Bodily injury if someone is hurt on your property (just like a homeowner’s policy)
Liability for property damage
Damage protection from dangers, such as fire, plumbing freezes, vandalism, glass breakage, etc.
A traditional condo insurance policy will cover damages to most of your personal belongings, as well as walls, floors and ceiling coverings. Most condominium associations will say that the owner is responsible for everything within the unit, including permanently attached fixtures and improvements such as kitchen cabinets and appliances.
Understanding the Difference between your HOAs Master Condo Insurance Policy and Your Own
If you own a condo your association or HOA dues likely covers the structure of your building and common areas. However, the condo insurance through an HOA differs from the type of condo insurance that you need to protect the internal portion of your condo including your personal items as well as liability coverages.
What is included with my HOA Condo Insurance Coverage?
Your HOA condo insurance policy likely offers a policy that includes: a policy that insures only the building and common areas; a policy that covers the building and any items in your unit (other than personal property); a policy that insures the building, your unit, and any fixtures or improvements you make to your unit. The important thing to note is that none of these types offer you any sort of personal property coverage (coverages for your furniture, clothing, electronics) or any form of liability coverage to protect you from a claim that would fall under home insurance liability.
What other Coverages do I need?
Your condo insurance policy will help protect you from common losses due to fire, theft, vandalism and liability. The three main coverage options for your condo insurance policy that differ from your HOAs master policy include:
Building Protection Coverages – Protects the inner structure of your unit. Your walls, built in cabinets and fixtures.
Personal Property – Covers items like your appliances, electronics, clothing, furniture and other personally owned items. Just think that if you sold your unit, what would you take out of the unit. (appliances are often negotiated into the sale).
Personal Liability Coverages – This coverages protects you if someone is injured while visiting your condo or if you are involved in another type of personal claim that would qualify as a homeowner insurance claim including most dog bite claims.
All claims are subject to investigation and before you can be guaranteed any specific types of coverages, speak to your local independent agent at our office. Home and condo insurance can be difficult to understand. Before you buy a policy, talk to an agent at our office to go over your coverage options to ensure you get a policy that is right for you at a price that works too.