Questions/Tips Insurance
Insurance

Condo Insurance: What's Covered, What's Not

(5/29/2012) When you own a condo, your homeowner's association insures the common areas of the building - the foyer, elevator, hallways, basement, shared patios and recreational facilities, etc. Any damage that occurs to these areas is typically covered by the policy and the dues you pay each month.

What about your individual unit? What does your condo insurance cover? It can get a little intricate.

For standard condominium insurance policies:

WHAT'S COVERED

  • Interior walls
  • Fixtures and structural components, including appliances, cabinetry, flooring, countertops, lighting, installations, additions, etc
  • Personal property
  • Liability in case of visitors tripping, falling, or otherwise injuring themselves in your unit
  • Damage from fire, lightning, windstorms, smoke and volcanic eruptions
  • Damage from vandalism or theft
  • Damage from explosions, aircraft and vehicles
  • Damage from the weight of ice, snow or sleet
  • Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning or automatic fire-protective system.
  • Freezing of a plumbing, heating, air conditioning or automatic, fire-protective sprinkler system, or of a household appliance.
  • Sudden and accidental damage from artificially generated electrical current (does not include loss to a tube, transistor or similar electronic component)
WHAT'S NOT COVERED
  • Damage from earthquakes
  • Damage from floods
  • Water damage from drainage backups or ground water seepage
  • Pets
  • Vehicles
  • Additional expenses required from condo owners if the building is damaged and insurance doesn't cover it (called loss assessment - additional coverage can be purchased for this)
  • Neglect - damage caused that could have been prevented, or that is intentional
  • Worst-case scenarios situations, like nuclear hazard, or war and damage/loss from U.S. military personnel
Remember that while standard condo insurance policies are described here, you can always purchase additional insurance to cover most of these incidents mentioned above, as well as additional coverage for particularly valuable personal property.


For additional reading:

Condo Insurance Breakdown:
http://www.insuranceagents.com/homeowners-insurance/condo-insurance-faqs.html

 

Fannie Mae & Jumbo Mortgage Rates

Just One Click! = Current Rate Chart

Pennsylvania Mortgage Rates Current Mortgage Rates - Hawaii Current Mortgage Rates - Alaska West Virginia Mortgage Rates Virginia Mortgage Rates District of Columbia Mortgage Rates Maryland Mortgage Rates Delaware Mortgage Rates New Jersey Mortgage Rates Connecticut Mortgage Rates Rhode Island Mortgage Rates Massachusetts Mortgage Rates New Hampshire Mortgage Rates Vermont Mortgage Rates New Hampshire Mortgage Rates Maine Current Mortgage Rates Vermont Mortgage Rates Current Mortgage Rates - New York Current Mortgage Rates - Michigan Current Interest Rates - Wisconsin Current Mortgage Rates - MINNESOTA Ohio Mortgage Rates Current Mortgage Rates - Kentucky Current Mortgage Rates - Indiana Illinois - Current Mortgage Rates Current Mortgage Rates - Iowa Missouri Mortgage Rates Current Mortgage Rates - North Carolina South Carolina Mortgage Rates Current Mortgage Rates - Florida Current Mortgage Rates - Georgia Current Mortgage Rates - Tennessee Current Mortgage Rates - Alabama Current Mortgage Rates - Mississippi Current Mortgage Rates - Louisiana Current Mortgage Rates - Arkansas Current Mortgage Rates - Oklahoma Current Mortgage Rates - TEXAS Current Mortgage Rates - New Mexico Current Mortgage Rates - Arizona Current Mortgage Rates - Kansas Current Mortgage Rates - Nebraska Current Mortgage Rates - Colorado Current Mortgage Rates - Wyoming South Dakota Mortgage Rates Current Mortgage Rates - North Dakota Current Rates - Montana Idaho Current Rates Washington Mortgage Rates Current Mortgage Rates - Oregon Current Mortgage Rates - Utah Current Mortgage Rates - Nevada Current Mortgage Rates - California

Start by selecting your state

Other Related Articles:

Condo Insurance: Frequently Asked Questions  

Home Insurance: How are Insurance Quotes Determined?

Homeowners Insurance: Filing a Claim

Homeowners Insurance: The Special Policy for Condo Owners

Homeowners Insurance: Finding the Best Quotes

Home Insurance Costs on the Rise, Coverage Options Decrease

What Home Owners Insurance Do You Need? Tips for the Best Coverage

Home Insurance Quotes: Types of Home Owners Insurance

Get a CLUE about your home and auto insurance claims

Don't add on 'add-on' insurance

Homeowners insurance goes to school

Costly trends impacting homeowners insurance

Insurance - Homeowners Insurance Advice

Always time for a home inspection


iPad for Mortgage Rates

Auto Insurance

General Insurance Articles

Homeowners Insurance

Medical Insurance

Life Insurance