Tag: condo insurance

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.

Plumbing issues can lead to significant repairs in Tallahassee, FL condos. Such problems range from clogged pipes to leaky washing machines. In addition to fixing the plumbing, fixture, or appliance, you might need to repair the resulting water damage. The good news is that condo insurance will cover plumbing-related services under the right circumstances.

What It Covers

A condominium policy often provides coverage of repairs and water damage if the plumbing inside of your unit fails suddenly and unexpectedly. On the other hand, it probably won’t cover problems that result from a lack of maintenance, such as a small leak that gradually becomes worse over time. Sewer backup coverage is typically optional.

Common Areas

Plumbing shared by multiple units is usually the condo association’s responsibility. Associations normally have insurance that covers shared equipment, known as a "master policy". If plumbing in a common area fails and causes harm to your unit, the issue becomes a little more complicated. This water damage may be covered by your condo insurance or the association’s master policy. Review the master policy for more details.

Neighboring Units

Another possibility is that plumbing inside a neighbor’s condo could leak and damage your unit. In this situation, either your insurance company or your neighbor’s insurer might cover the repairs. This potential problem highlights the importance of carrying insurance when you live in a condominium, even if your condo doesn’t contain any expensive items.

If you’d like to protect your plumbing with a dependable condo policy, talk to the experts at Fuqua Insurance Agency in Tallahassee, FL. We have decades of experience and offer coverage from a variety of reputable insurers. To get started, please contact Fuqua Insurance Agency by calling 850-386-2300 today.

Estimates indicate that there are about 1.5 million condos in the Sunshine State. These housing units are available in multiple sizes and price points, making it easy for anyone looking for a great place to live to find the perfect spot. Even so, Florida is vulnerable to severe weather, and it’s important to ensure you understand what your condo’s insurance policy does and doesn’t cover.

Condo Insurance vs. Home Insurance

Condo associations in Tallahassee, FL, typically purchase a master insurance policy that covers the entire exterior of the home. This includes outdoor structures such as a pool, fence, or detached garage. It also includes indoor structures attached to the walls of the house, such as kitchen cabinets, a furnace, and an HVAC unit. The cost of such a policy is usually included in the association fees.

Condo insurance covers the interior of your home and your personal belongings. It may also provide liability coverage if someone has an accident inside the house. However, there are a few limits that you’ll want to be aware of. First, if you upgrade the interior of your home, you’ll need to notify your insurance company so it can update your policy. Second, condo insurance doesn’t offer unlimited compensation for personal belongings, so you’ll need additional coverage if you own expensive heirlooms or antiques.

Contact Fuqua Insurance Agency for More Information

Fuqua Insurance Agency specializes in helping Tallahassee, FL, condo owners sift through condo insurance options to find the policy that’s the best fit for their personal situation. Contact us to learn more about our policies or to get a quote on the policy of your choice.