While the master policy covers the outside and structure of your unit there are some major things that are not covered under the umbrella of the HOA policy that you need to take into consideration when selecting coverage.
THEFT: If your belongings are stolen the HOA policy will not be able to file a claim for you. The HOA’s insurance does not cover your belongings. That includes computers, furniture, personal items, and clothing. In order to recover money for these missing items, you will have to file a claim through the personal property coverage on your condo insurance.
INTERIOR DAMAGE: If you incur damage to the inside of your unit. As a condo owner, you do own your unit. If damage occurs inside your property which may include drywall, tile work, or fixtures such as lighting, cabinets, and appliances it is your responsibility. Needing to ensure your unit’s interior depends on what kind of master policy the homeowners association carries. If they have what’s known as an “all-in” HOA policy, it will cover all the original items built into your place, like the items mentioned above, as well as plumbing and wiring. But, if the HOA has a “bare walls” HOA policy, it’s up to you to ensure everything in your home besides the walls, floor, and ceiling.
INJURY: If a visitor gets hurt in your home personal condo insurance can help cover the medical bills and your liability costs should you be sued.
EXCEEDS LIMIT: If the damage sustained exceeds the HOA’s policy limit on the master policy owners, collectively, may be required to chip in and make up the difference. It is what is known as a “loss assessment”. It would be repaired immediately but then fees tacked onto your HOA fees. If you have a personal condo insurance policy that can take that burden off of your bank account.
TEMPORARY LOSS OF RESIDENCE: If an event occurs causing damage to the extent that it makes your unit unlivable, that would be covered under your policy. The insurer then pays for expenses related to living elsewhere, such as hotel bills.
Need a great condo insurance policy for the best price possible? Call Centennial Insurance Services of Fort Myers, Florida today at (239) 247-5125 or email firstname.lastname@example.org. While we are located in Fort Myers we also regularly write policies for business and residential customers in Naples, Estero, Bonita Springs, Cape Coral, Lehigh Acres, Marco Island as well as the rest of the state of Florida!
We look forward to serving all of your insurance needs.