Posts Tagged ‘condo insurance’

What Is Covered With HOA Insurance After Buying a New Condo

Friday, August 22nd, 2014

Buying a condo means that you automatically become part of the homeowners association. The homeowners association offers HOA insurance that covers certain risks in your condo building. This policy doesn’t cover all the risks so it is worth it to understand what is and isn’t covered, so you can promptly get the individual protection that you need. Here are a few things you should know about HOA insurance.

  • HOA insurance covers everything that happens outside of your building. This includes damage to the lobby or even an elevator. You are responsible for the coverage of everything else in your condo.
  • HOA insurance will cover the injury of guests in common areas like the pool and lobby. If a guest is injured in your unit you may need liability insurance.
  • Renovations on your condo are not covered by HOA insurance.
  • Property damage to your building in common areas is covered by HOA insurance.

Warrior Insurance in Monument Colorado can help keep you covered. We take the time to assess the special needs of each of our clients. Contact us today for any of your insurance needs.

 

6 Condo Insurance Guidelines

Monday, July 7th, 2014

Buying a condominium is a great investment as your first home, since they are usually less expensive and do not require as much maintenance, such as taking care of a yard. When it comes to insuring your condo, keep these 4 guidelines in mind.

  1. Look at your master policy. The master policy of the entire complex will usually insure all of the common areas, but you will be responsible for insuring everything within your unit.
  2. What is the cost of the association deductible? The condo association will usually provide coverage from a natural disaster, as long as you meet the deductible.
  3. Know how much coverage is appropriate. A good way to estimate how much coverage you need is base it off half the market value of your condo.
  4. Make sure both your structure and contents are covered. Make sure you have enough coverage to pay for damage to the physical building, as well as all of your belongings in the house.

For more information about choosing the right condo insurance in the Monument, Colorado area, contact Warrior Insurance.

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