Condominium Insurance Information
Condo Insurance - North Carolina · South Carolina
Serving Wilmington, Shallotte, Jacksonville, Lexington, Mount Pleasant, Charleston, St. Stephen & surrounding communities.
Condominium insurance provides individual unit owners with essential coverage in areas where the master policy or homeowners association policy does not. One of the key differences between a homeowners policy and a condo policy is that condo insurance does not cover the building's exterior or foundation...because the HOA's policy typically does—along with common areas like pools and clubhouses. However, this leaves a lot left to protect from unexpected damages and loss. Owners are responsible for insuring all their personal belongings like furniture and clothing inside the unit, in addition to coverage for cabinetry, walls, flooring, and most interior upgrades. Like any homeowner, condo unit owners need personal liability insurance coverage too, in order to protect against claims stemming from accidents that could occur inside the unit or elsewhere. For this reason, liability coverage is also a key component of condominium insurance.
Sheally Insurance Group agents can assist with identifying the specific coverage needs required for your property to ensure that your home and belongings are adequately covered. There's no need to feel uncertain about who covers what or wonder where to find the right policy and lowest rates. Let us be your guide. We can help make the process a positive experience!
What does condo insurance typically cover?
- Dwellings coverage insures the unit's structural elements like walls and floors against severe weather, fire, theft, and other specific types of sustained damage. Separate policies are usually required for damages caused by certain perils such as flood and sometimes wind and hail.
- Personal Property coverage protects the possessions stored inside the condo like furniture, electronics, and clothing.
- Liability coverage is designed to help protect from accident related expenses such as medical bills, settlements, and legal fees in case someone is injured in the condo, or if you cause a third-party harm or property damage. Policies usually cover at-fault mistakes occurring both on and off a given property.
Who benefits from condominium insurance?
Condo insurance is beneficial for all condo owners as well their visitors. In fact, most mortgage companies require condo owners to purchase a policy for the duration of their loan. Condo insurance may cover damaged, lost or stolen property due to fire, theft or natural disaster. This protection could extend to interior furnishings including walls, flooring, ceilings, appliances, and fixtures.
Ready to get started?
Sheally Insurance Group is ready to help you secure the right insurance policy for your condo so you can relax and fully enjoy it! We’ll help you determine the coverage you need and explore expanded options that may be beneficial to you as well. Contact us to get your condo insurance quote started right away!
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Is Condo Insurance Mandatory?
Your homeowners association may require you to have it. Your bank will almost certainly require it if you are planning to get a mortgage.
Why Is Condo Insurance Important?
If your unit is damaged or your stuff is stolen, it’s your responsibility to fix or replace it.
TOGETHER IS BETTER
It’s true! It pays to purchase insurance coverage together. You could save easy money by bundling a condo insurance policy with a boat, auto, or life insurance coverage need. Let us help you save!