If you own a condo in Tallahassee, FL, you must be aware of condo insurance. But do you understand how this insurance works? Do you know what it covers? For answers to these and many other questions, keep reading as Fuqua Insurance Agency shares responses to frequently asked questions about condo insurance.
What is condo insurance?
Condo insurance is an individual coverage for condo owners that covers the interior of your condo against damage. Depending on your condo owner’s association (COA) coverage, your condo insurance covers the interior walls, appliances, and other personal properties.
But am I not covered by COA master policy?
Most condo owners are often confused about why they need condo insurance, yet their condo is covered by a COA master policy. Well, your COA’s master policy covers damage to the exterior of your building, including areas such as the lobby, elevator, tennis court, and other common areas. Besides, COA covers injuries to guests occurring in common areas such as the swimming pool. However, the COA master policy doesn’t cover damage or loss to your condo’s interior and its contents.
What does condo insurance cover?
While condo insurance may differ from one insurance company to another, typical condo insurance covers the below:
- Dwelling coverage: Protects your building interior against perils like theft, vandalism, fire, and other covered risks.
- Personal belongings: Covers personal assets like furniture, clothing, and electronics against loss or damage.
- Liability coverage: Condo insurance provides bodily injury and property damage coverage, including legal fees coverage for injuries or damages you cause to other people.
- Additional living expenses (ALE) coverage: Provides coverage when your condo becomes unlivable. It pays for extra living expenses like hotel meals and accommodation after seeking temporal shelter as your condo is undergoing repairs.
Are you shopping for condo insurance in Tallahassee, FL? At Fuqua Insurance Agency, we understand condo owners’ insurance needs differ. As such, instead of providing a one-size-fits-all condo insurance plan, we offer personalized insurance coverage to answer your specific needs. Contact us today for a competitive quote.