Condos are known for being a shared living arrangement. While you can own a condo, you often share expenses with other condo owners in the same building. For instance, everyone may contribute to the cost of a new roof or the maintenance of shared amenities. But how does this impact your condo insurance policy?
Your Condo Insurance
Every condo owner is responsible for obtaining their own condo insurance policy through a provider, such as Fuqua Insurance Agency. This type of insurance typically covers the items inside your condo, including appliances and personal belongings. It also protects against liability lawsuits.
However, a personal condo insurance policy typically does not cover external elements, such as the building’s exterior or roof. These are typically covered under a separate policy.
Master Condo Policy
The master condo insurance policy covers shared amenities, the roof, and other structural components or communal aspects of the property. This policy is usually purchased by the condo association or homeowners association (HOA). Condo owners contribute to the cost of this policy through regular condo fees or HOA fees. While you may help fund the policy, it is not considered your personal insurance policy.
Insurance Coverage
The master condo policy generally covers shared amenities and structural components, but does not provide coverage for personal belongings or liability lawsuits involving individual condo owners.
In some cases, the master policy may not provide sufficient coverage for all expenses. For example, it might only cover part of the cost of replacing a roof. In such situations, the HOA or condo association may ask all residents in Tallahassee, FL, to contribute additional funds.
Understanding the differences between personal and master condo insurance policies is crucial to ensure you know how your coverage works. Our agents at Fuqua Insurance Agency are here to help you learn more. Contact us today to get started. We proudly serve the Tallahassee, FL area.
