The Ins and Outs of Condo Insurance

Condo insurance in Mt. Ephraim, NJ differs slightly from homeowner’s insurance so it helps to know the basics. Your condo or homeowners association carries a master policy that is used to insure the building and pay for accidents that occur in the common areas. However, the HOA won’t pay to repair the inside of your unit after a disaster or pay to replace any stolen or damaged belongings. This is why you need your own condo insurance policy.

Why You Need Condo Insurance

You need condo insurance in case there is damage to the interior of your unit, your belongings are stolen, someone gets hurt in your home, you aren’t able to live in your condo due to damage that is covered by your policy, or the damage exceeds the HOA policy’s limit.

The Responsibilities of the HOA

There are some things that your HOA master policy is responsible for covering. Keep in mind that as a condo owner in Mt. Ephraim, NJ you aren’t responsible for repairing the exterior damage, such as the roof after a fire, storm, or disaster. The common areas also generally fall under the jurisdiction of the HOA, including lobbies, elevators, hallways, and tennis courts. If a visitor is injured on the walkway outside the building then your HOA covers the liability and not you.

How Much Condo Insurance Should You Buy?

An agent at Marino Agency Inc. can help you determine how much coverage is right for you based on your master policy. Some HOA master policies do cover more than others, such as original lighting, fixtures, and cabinetry, so you want to make sure you are protected. A good place to start is with a home inventory in order to know how much you need for your belongings.

Contact Marino Agency Inc. to get a quote on condo insurance.