North Carolina Condo Insurance Coverage

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Condo Insurance Coverages

Condo Insurance

The social atmosphere and home maintenance of condominiums have encouraged many people throughout North Carolina to consider condominium living. It is imperative to have a condo insurance policy from Wood Insurance LLC in North Carolina to protect yourself in the event of a natural or human-made disaster. It is vital for condo owners to understand what is covered under a condominium association and their personal condo insurance policies.

Typically, the condominium association's master policy is responsible for protecting the common areas of the entire building. Therefore, property damage or other personal liability claims can only be covered by the condominium association master policy if they were caused by accidents in the common areas such as swimming pools, elevators, or community centers. The items covered by the policy are outlined in the master policy. It will be your responsibility if someone gets injured in an accident in your unit.

What coverage do I need?

  • Personal Liability Insurance: This is part of your condo insurance HO6 policy. It provides allowances for bodily injury to others and damages caused to other people's property. You may be held responsible for paying for medical bills if someone gets injured while in your unit.
  • Condominium Loss Assessment Coverage: In case excessive damage occurs to the condominium grounds, you and others on the property may be held responsible for paying the difference. For example, if the condominium master policy provides for $700,000, but over $800,000 in damage is caused to the building, you and other condo owners in the building will have to make up for the remaining amount. This coverage will come in handy in such situations.
  • Personal Property Coverage: This allows for Actual Cash Value payment for your personal items such as furnishings and clothing up to the specified policy amounts in the event of a covered disaster. Ensure that you maintain an inventory of your personal belongings and enough coverage for the Personal Property Valuables coverage to be truly effective for replacing your personal items.

Check your condo insurance limits to ensure that you are properly covered before disaster strikes. At Wood Insurance Consultants LLC, we will keep you updated on various local ordinances and laws in regard to your property to ensure your condominium is fully restored to its original form in the event of an emergency. Contact us today for more information on condo insurance and to choose the right coverage options for your condo.

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