Condominium owners have unique insurance needs. While the Homeowner's Association, or HOA, will have its own insurance coverage, the owners of each individual unit also need to protect themselves from loss or liability. The insurance experts at Modern Benefits, LLC can offer coverage options that protect your condominium investment.
The insurance coverage purchased by the HOA covers exterior areas like the building itself, common areas, and the grounds. It doesn't cover things that happen inside individual units. The HOA uses member dues to pay for that coverage.
Personal Condo Insurance
Individual condo owners need their own insurance policies to cover what is inside the unit. Some things that are permanently installed inside a condo will not be covered by the HOA's policy. If a washing machine leak ruins the hardwood floors inside a condo the homeowner needs insurance to repair that damage. Condo insurance can also include personal property coverage for possessions like clothing, jewelry, or electronics that might be damaged or stolen. Condo insurance can protect an owner from liability if someone is injured while visiting inside the unit and may cover the other person's medical bills. Some policies offer liability and medical bill coverage for things that happen away from the condominium. Condo insurance can also cover the costs that come from loss of use if something has happened that leaves the condo uninhabitable and the owner must temporarily relocate somewhere else.
If an owner has taken out a mortgage to buy the condo, the lender will usually require individual insurance coverage.
Call for a Quote
A condominium is a home with different insurance needs than a single-family dwelling. Modern Benefits, LLC will guide you through the steps of purchasing coverage that protects your home and your investment. Call our office today for a no-obligation quote designed especially for you.
Our insurance agency is licensed in multiple states, including NJ, PA, DE, and MD. We want to help you with all of your insurance needs, no matter where you live.