Your homeowner’s association membership covers a lot of community elements, from landscaping to repaving the parking lot, to repainting the exterior of your condo unit. Aside from the roof and common-facing areas of the unit, however, little else is covered by the blanket insurance policy that your dues help cover and your personal property still needs to be protected. Luckily, finding discounts and reasonably priced policies to cover your possessions and the interior of your unit is quite simple; all it takes is a little research.

Dwelling Coverage is Key

Heaven forbids there’s a fire or burglary at your unit, because the HOA is likely unable to help you replace stolen items or repair damaged interior infrastructure and, unfortunately, blanket community policies rarely provide all-in coverage that includes the interior of individual units. But double check to see if your association has a master policy that covers the entire complex to that extent. Chances are the inside is your responsibility and the HOA has a “bare walls” policy that covers nearly everything … anything inside the unit.

It’s important to protect your investment with dwelling coverage to protect against water damage, fire damage, theft and other issues that happen in your home. The outside public-facing parts of your unit are commonly part of the blanket association coverage. So, if a broken tree branch damages tiling on your roof or tears the kitchen siding, the HOA is obligated to fix it.

Limits vary based on the level of coverage you need, but for inside the home, you should look into condo insurance to handle your personal items and everything inside the four walls of your home. Insurance can be expensive, which is why providers like The Hartford offer discounts on home and auto policy bundles. Hartford also provides credits for AARP members and condo owners who have fire or security alarms.

Other Condo Dwelling Policy Tips

Generally, you’re looking for $300,000 to $500,000 in liability coverage, based on your personal situation and contents of the condo. Policies like the HO-6 cover personal liability in the event that someone is injured inside the unit, as well other potential damage or theft coverage.

Special items like jewelry or collectibles might need to be individually itemized but definitely, speak with your insurance carrier about those specifics. Consider the total value of everything, including investments you’ve made in appliances and upgrades and how to protect them from loss. Owning a condo is not the same thing as owning a traditional single-family home with a full yard, garage, and other elements like a single backyard pool. The bottom lines of searching for a condo policy are:

  1. Find as many discounts as possible
  2. Make sure the coverage limits fit your lifestyle
  3. Confirm that you have coverage where your HOA doesn’t

Don’t leave it to chance. Insurance is about protection, and with such competition now for policies and insurance bundles, there are so many options available that meet your needs, there really is no excuse for not getting as much insurance as possible.

As a homeowner under the Acri Management umbrella, we will perform a free analysis of your current insurance policy.Call our Acri Insurance Counselor, Lori Miller at 412-459-0111 extension 123. She will perform a complete review of your needs and evaluate your present insurance coverage. She will make sure your current policy is matching up with your association’s insurance policy. Your current agent may not be aware of the particulars of your association’s policy. Make sure you are adequately protected. Call Lori or email her today @ lori_miller@acrirlty.com. Are you covered correctly? Find out today! As a homeowner under the Acri Management umbrella, we will perform a free analysis of your current insurance policy. Our Acri Insurance Counselor will perform a complete review of your needs and evaluate your present insurance coverage to make sure you are not over or underinsured according to your association documents.

Please also be sure to check out the Acri Home Protection page for other appliance and protection plans.

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