What Is Not Covered by Condo Insurance

There are so many great aspects of living in a condo, and it is also important to attend to the practical details of that type of housing. Manzanita Insurance in Prescott Valley, AZ can provide you with the insurance coverage you need for your condo. However, it is good to know about the exclusions so you can plan your policy accordingly. 

Here are some key things that are not covered by condo insurance:

Condo insurance in general covers your belongings that are in your condo. That would include your clothing, furniture, kitchen items, electronics, and so on. You would need to obtain an insurance policy to cover that.

These are some of the things that are not covered by your condo insurance but are typically covered in the condo association’s policy:

The exterior of the building

Your policy covers whatever is inside your condo, and the condo association covers the exterior of the building. That includes things like roofs, railings, siding, patios, decks, walkways, and more. If a bad storm comes along and damages your building’s roof, for example, that would not be covered under your own condo insurance.

Common areas of the community

Many condo communities have common areas, such as hallways, elevators, lobbies, and recreation facilities. Your condo insurance does not cover that, but the condo association’s insurance policy does typically cover that.

Injuries that occur in common areas

Unfortunately, accidents do sometimes happen. If they happen in common areas of the condo community and cause injuries, the condo association policy would generally cover that. Your condo insurance would not cover that.

It is best to find out for sure what your condo insurance policy covers and what it does not cover, as well as what is covered under the condo association’s policy. Remember that knowledge is power.

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To find out more about condo insurance and what it covers, contact Manzanita Insurance serving the Prescott Valley, AZ area.

Is condo insurance required in AZ

Prescott is a beautiful area of Arizona. Condos are a popular way to get to enjoy all the area has to offer. At Manzanita Insurance in Prescott, AZ, we are independent insurance agents and we work for our customers, not for the insurance company. That allows us more choices and options for getting you the best coverage at the best price. 

Condo insurance is not required by the state of Arizona but it will be required by your lender if you have a mortgage. It may also be required by your condo association. It is up to you to know what you need to have. 

Condo associations have a master policy to cover the common areas of the complex and also the exterior of the buildings. Not all master policies are the same, some cover all the way into your unit, others do not. Before you decide on a condo insurance policy, you need to know exactly what you need to cover. 

Condo insurance offers a variety of different types of coverage. Most policies include content coverage, liability coverage, and loss of use coverage. You should also consider getting loss assessment coverage. 

Content coverage will help replace your personal property. This includes furniture, clothing, jewelry (with limits), electronics, and more. The liability protection will give you what you need if you get sued up to your policy limit. Loss of use will help you with paying for a place to stay when your unit is damaged.

Loss assessment coverage is important as well, since if your complex needs major repairs that your dues haven’t provided enough money for, you may receive an assessment that you need to pay. It can be many thousands of dollars and it isn’t optional. 

When you are ready to discuss condo insurance, Manzanita Insurance in Prescott, AZ , will be here to help out in any way we can.