Does Condo Insurance Cover The Building at Car Insurance

Does Condo Insurance Cover The Building. Even if your condominium association has its own coverage, it could possibly cover the building as well as shared property and liability coverage for the association, but not the things inside your condo. These include parks and pools belonging to the association, a shared gym or event space, and the building’s elevator.

How Is Condo Insurance Diferrent Than Home Insurance
How Is Condo Insurance Diferrent Than Home Insurance from www.harbordinsurance.com

Even if your condominium association has its own coverage, it could possibly cover the building as well as shared property and liability coverage for the association, but not the things inside your condo. The association's policy, however, may or may not extend to the inside of your unit. Insurance does provide such coverage, but again, only up to purchased limits.

How Is Condo Insurance Diferrent Than Home Insurance

Homeowners association (hoa) insurance is often referred to as the “master policy.”. The condo policy covers the unit owner specifically. The cost of holding this insurance is factored in to the annual operating budget set out by the strata corporation, and paid for collectively by all of the homeowner’s via their monthly maintenance fee. The downside is that if you have earthquake insurance, but your hoa does not, your interior is covered but the building is not.