Protect your home with the right condo insurance policy. As a tenant, you’re responsible for your belongings and any damage you cause to the property. Condo insurance can help cover the cost of repairs or replacements if something happens to your belongings or the unit itself. Fuqua Insurance Agency in Tallahassee, FL offers this guide on navigating this important coverage.
What is Condo Insurance?
Condo insurance is a type of homeowner’s insurance that explicitly covers condos. Like other homeowner’s insurance policies, it can help protect your home and belongings from damage or theft. It can also help cover the cost of repairs if you accidentally damage another person’s property.
What Does Condo Insurance Cover?
Condo insurance typically covers:
• Damage to your unit from a covered event (e.g., fire, windstorm)
• Theft of your belongings
• Liability coverage if you’re sued for accidentally damaging someone else’s property or injuring them
Also, if you need to leave during a covered event (e.g., evacuation because of a hurricane), your condo insurance can help cover the cost of temporary housing.
What Does Condo Insurance Not Cover?
Condo insurance rarely covers:
• Flood damage
• Earthquake damage
• Damage caused by poor maintenance or negligence
• belongings left outside of your unit
Before accepting a policy, read the fine print to ensure you understand what is and isn’t covered. Your Fuqua Insurance Agency representative can help explain the coverage and exclusions in your condo insurance policy.
Deductibles and Limits
Condo insurance policies typically have a deductible, the amount you have to pay before your insurance kicks in. For example, if you have a $500 deductible and your damages total $1,000, you pay the first $500, and your insurance would cover the remaining $500.
Most policies also limit the maximum amount your insurance will pay for a covered event. For example, if you have a $500 limit for personal property and your damages total $1,000, your insurance would only cover $500.
Give Us A Call
Your Fuqua Insurance Agency representative in Tallahassee, FL can help you choose the right deductible and limits for your condo insurance policy.