Condo Insurance Not Only Protects You From Your Risks But Also Risks From Neighbors

Condominiums have become a popular residential option for many people who don’t want the trouble and expense of maintaining a single-family property. However, the connectedness of condominium units entails special risks that can affect your own living space. At Community Management Insurance Group in Greensboro, NC, we provide condo insurance to protect condo owners against loss.

What Does Condo Insurance Cover?

Condominium insurance generally offers coverage for your condo’s interior walls, flooring, and ceilings. The exterior of your condominium structure is usually covered by the homeowners association master plan. Your insurance will also cover personal possessions kept in your condo, as well as providing liability coverage if someone is injured in your unit.

Protecting Your Investment Against Hazards That Your Neighbors Create

The difference between insurance for a single-family home and for a condominium is the question of additional risk. When you have a single-family residence, what your neighbor does is unlikely to affect you unless something encroaches across your property line. In a condominium, however, the actions your neighbor engages in could affect your own condo. For example, carelessness in the kitchen could cause a fire that damages your property, or a broken water line can cause water damage to your property. Condo insurance recognizes these special risks from having your property abut someone else’s.

Choose Us for Your Condo Insurance

The right insurance can allow you to rest assured that whatever happens, you will not be faced with significant financial loss. We offer a wide range of insurance products for your needs. Contact Community Management Insurance Group in Greensboro, NC today for a no-obligation quote on condo insurance to protect your property.

What coverage does condo insurance provide?

Owning a condo is the right option for many people. It requires condo insurance in the same way that home insurance is a good idea for homeowners. At Community Management Insurance Group in Greensboro, NC, our team takes the time to get to know our customers so that we can better provide the help that they need when they are looking to insure their condos. 

Condo Insurance Coverage Options

Property coverage

The property coverage that is provided for a condo is different from what a house needs. With a condo, the Condo Association has insurance that protects the outside of the building. This includes the roof and exterior walls and porches. It also includes common areas. You are responsible for the interior structure of your condo, and things are a permanent part of it, like bathrooms and built-in appliances. 

Content coverage

Your personal possessions are covered with content insurance. You can decide how you want to cover it, you can have replacement coverage or current value. This is something to discuss with your insurance agent. For things like jewelry and art, you may need additional coverage since these do have limits on coverage. 

Liability coverage

Liability coverage protects you from someone being injured at your condo or by a member of your family. It will pay medical bills, and it will also help pay legal costs and a judgment against you. 

Loss of use

If your condo is damaged by a covered hazard, you won’t have a place to stay. If you have a loss of use coverage, it will pay for you to go to a hotel, to get meals out, and even a longer-term rental, depending on how long your condo is uninhabitable. 

Reach Out To Us

Contact Community Management Insurance Group in Greensboro, NC for all your auto insurance needs. We are happy to help!