Condo Insurance in Venice and Sarasota, FL
Protect More Than Just Your Possessions.
For many, a condo is a great alternative to living in an apartment or a home, and can offer more space, more living area, and more amenities. But since a condo is a special kind of residence, it requires its own insurance policy.
With Condo Insurance from Ramey Insurance Agency, you can extend your protection past that of what your condo community provides. It helps pay for the replacement of your personal belongings while offering basic liability to cover bodily injury or property damage. And unlike Renters Insurance, Condo Owners Insurance covers any damage done to the interior of your unit. For any interior damage, your insurance may be used to pay for the expense of fixing or replacing items like drywall, flooring, light fixtures, and more.
A Condominium Insurance policy includes other great features like guest medical protection, which pays for the medical expenses of friends and visitors who are injured on your property. In the event a fire or other disaster puts your condo out of commission, additional living expenses coverage may reimburse you for cost of temporary housing while your unit is being fixed.
Contact a specialist at Ramey Insurance Agency today to determine the right amount of coverage you need to keep your condo insured.
Common Condo Insurance Questions:
How Does Condo Insurance Work?
When you buy a condominium, you enter a partnership with a condominium association. The association owns the dwelling itself and other amenities on the property.
However, rather than renting or leasing the space, you will own your dwelling unit in conjunction with the condominium association. Therefore, you will pay association fees to the condominium association for them to provide you with the services necessary for property upkeep.
You shouldn’t be burdened with having to insure the full dwelling, given that the association has responsibility for certain components of the home. Your personal condo insurance will offer you the freedom to tailor your benefits in ways that offer you only the coverage you need. It will be there to assist you in the event of unexpected, unavoidable problems on your property.
What Does Condo Insurance Cover?
The condo association where you reside will carry a master insurance policy to cover them against their own property liabilities. Unit owners, on the other hand, will carry personal coverage, which can usually include:
Other benefits that you might need to include within your policy are:
Contents Insurance: Using this coverage, you can insure belongings including furniture, clothing, certain high-value items and electronics.
Liability Coverage: Accidents might occur on your property that harm someone else, like a neighbor. If you are legally responsible for that person’s injuries or property damage, then this coverage can pay for their losses.
Additional Expense Protection: Should damage in your home cause you to have to move out temporarily, this coverage can help you cover dining bills, hotel fees or other essential costs until you can return home.
Dwelling coverage is available to qualifying condo owners. See below for more information.
Accidental medical payments coverage
Pet bite liability insurance
Scheduled personal property endorsements
How Much Condo Dwelling Insurance Do You Really Need?
Depending on the dwelling insurance that your condominium association’s master policy provides, you might or might not need to purchase additional coverage within your own condo policy.
An all-in master policy insures all surfaces, structures and built-in features (I.e., cabinetry) on both the exterior and interior of the unit. Therefore, the condo owner will only need to insure their own possessions on their personal policy.
Bare walls-in master policies do not cover any of the structural features within your four walls. Therefore, you will need to purchase your own dwelling insurance to insure features like appliances, bathroom fixtures and installed lighting.
When is Condo Insurance Mandatory?
If you mortgage your condo when you buy it, then you will usually have to buy condo insurance. By having coverage, you protect the investment that your lender has made in your property.
Additionally, many condo associations require unit owners to buy coverage—usually liability coverage—to ensure that you can take appropriate responsibility for your mistakes within your own home. That way, all parties with an interest in the property will be protected when challenges threaten.