Champaign Condominium Insurance: Frequently Asked Questions

Champaign Condominium Insurance Frequently Asked QuestionsChampaign Condominium Insurance: Frequently Asked Questions

If you are a condo owner, it’s important to understand that you are typically going to be responsible for insuring a portion of your property on your own. Many condo owners mistakenly believe that if they are part of a Home Owners Association (HOA), then they will cover any losses they may incur, but that is not always the case. Below are some questions that condo owners typically have about their insurance needs.

What exactly am I responsible for?

From an insurance standpoint, all individual unit owners have a collective responsibility for insuring areas of the complex owned in common. This will include building exteriors and hallways, the pool area, etc. Your HOA dues typically cover the insurance for these common areas. Meanwhile, an individual unit owner will typically be responsible for separately insuring everything within the four walls of his or her individual unit. Be sure to check with your HOA if you are unsure of what they will cover.

How much coverage do I need?

Once you’ve found out what parts of your condo unit you are responsible for insuring individually, you’ll need to find out how much coverage you’ll need. Insurance experts recommend that you estimate your coverage by paying attention to how much other owners in the development paid for recent upgrades, such as new flooring, cabinetry, and countertops.

What’s the difference between insuring contents and insuring structural items?

Your condominium’s content includes items like furniture, area rugs, electronics, jewelry, valuable art, etc. Structure includes your flooring, cabinetry, countertops, carpeting, and lighting. It’s important to make sure that you have coverage for both when purchasing condo insurance.

These are just a few important facts to be aware of when insuring your condominium. At Myers Insurance Group, we understand the intricacies of Champaign Condominium Insurance. Your condo policy will provide protection for your personal property as well as Liability Coverage in the event that someone is injured on your property while visiting you. Please contact us for more information at (855) 534-5707. 

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