In a rental situation, the landlord owns the building and is responsible for it. With a condominium, there are various owners located throughout the property. Each Greensboro, NC property owner is responsible for their own place and should get separate homeowners insurance. This protection is for their belongings, such as furniture and clothing, and also for the parts of the structure they don’t share.
However, that leaves the question as to who is responsible in the shared areas. For instance, if there is a hallway between the various units, what happens if someone falls and gets hurt? At Community Management Insurance Group, we can help you decide if you need condo insurance.
Is Your Home or Condo Part of an HOA?
If you have a homeowners association, you already pay a fee for certain services. Those might range from street plowing to maintaining a swimming pool on the property. Your HOA probably also has its own liability coverage in case something happens in the shared places.
If you are part of an HOA, you are responsible for anything that happens in the shared spaces. Even if the HOA has liability coverage, it may not be enough to protect you.
Loss Assessment Coverage
If the HOA’s condo insurance does not cover everything, you may owe your part of the difference. Loss Assessment Coverage can help make up that difference. As long as the policy is in effect when you make a claim, you can use it to make up the difference.
At Community Management Insurance Group, we can help you assess whether you need extra protection for your Greensboro, NC condo. Call today so you can see whether this extra protection would benefit you.
