Owning a condo shares some features in common with renting an apartment. That’s why a condo insurance policy shares some features in common both with homeowner’s insurance and with renter’s insurance. It’s a specific policy meant to cover the most common risks shared by people who own condos.
Keep in mind you will often pay for some manner of insurance through your Homeowner’s Association (HOA) but that those policies tend to cover the exterior of the building and common areas, not your own floors, wall, ceiling, appliances, or personal belongings. You’ll need a condo policy to protect yourself.
What’s Covered by Homeowners Association Insurance (HOA)
Your HOA policy only covers the exterior structure of your condo. That’s the building itself: its siding or brick, roof, and common areas like stairwells. It may also cover structures on the property like the swimming pool or playground.
In short, not much, and certainly nothing that protects you personally. While you can count on your homeowner’s association to fix your roof in the event of a storm, that’s as far as the repairs go. If water pours into your condo and stains all the walls, you’ll be out of luck…at least as far as the HOA’s policy is concerned.
What’s Covered by Condo Insurance
Condo insurance covers all the parts of your home that belong to you. That means it will cover replacement costs for your interior walls, carpets, fixtures, and appliances in the event of certain covered events. It may also cover your personal belongings, and pay for temporary housing if a disaster renders your condo unlivable.
Most condo policies also offer liability coverage. This means you have insurance backing you if someone gets hurt inside your home and chooses to sue you as a result.
What’s Not Covered by Condo Insurance
Condo Insurance does not cover flood or earthquakes. Here in Metairie we don’t see many quakes, but we definitely see plenty of flooding.
Flooding insurance is worth the extra expense if you know you live in the floodplain. It may be worth the extra expense regardless, because floods can be unpredictable events.
Saving Money on Condo Insurance
If you have a solid emergency fund set up then you can save some money by choosing a high deductible. That means insurance won’t be responsible for paying for any part of your loss until you’ve met the deductible. In cases where you know repairing the damage will cost less than your deductible you might even choose not to make the claim, which will also keep rates low.
There are many discounts you should be able to take advantage of. If you add a monitored fire and burglar alarm to your condo you’ll receive discounts for this extra protection. Many companies give discounts to people who choose use the autopay option to take care of their premiums.
Need to insure your condo?
Call (504) 228-7184 to get started. We can answer all your questions and help you choose the policy that’s right for you.
Book an appointment
We offer Condo insurance in the New Orleans and Metairie area, as well as any part of Louisiana