If you own a condo, certain areas of the property are typically covered by the HOA insurance policy, but how much? The interior of your home (from the walls in, including drywall and appliances) and your personal possessions are covered. If someone is injured in your private area, the HOA insurance policy won’t cover it. Every condominium insurance policy varies in what is covered, what it will payout on, and what restrictions are part of the policy. You don’t have time to read the small print, but at Joy Insurance in Middletown, New York, we do. Our local team works to find the best coverage at the lowest rates from a range of providers.
Some of the types of condominium insurance that should be in place include coverage for alterations, appliances, fixtures, and any other structures unique to your unit, as well as the property for which the association agreement holds you responsible. Your condo should be protected against losses associated with fire, smoke damage, storm damage (wind, rain, ice, snow, hail, etc.), as well as theft, vandalism, or mischief.
You are responsible for any losses to a guest or visitor due to accidental injury that occurs on your property, from slip and fall injuries to dog bites – or damage to another’s property. Should a lawsuit be filed against you to attempt to recover financial compensation after an injury or other loss, you are protected by your condo insurance policy up to the set coverage limits.
What specific types of condominium insurance coverage do you need? At Joy Insurance, we live and work locally and are available to review your current policies, as well as your association agreement. We can help you determine the types of coverage and how much you need to put in place to protect against the risk of loss. We always search out the best prices for the highest level of coverage, and we are committed to helping local condo owners get the peace of mind they deserve.