You know you need condo insurance, but you may be unsure if you have enough coverage. It becomes more complicated because the HOA provides some coverage. At Zenith Insurance Group in Pinellas County, we offer condo insurance.
What is Covered by the HOA
Coverage will vary based on your HOA, but your HOA will provide some general types of coverage. Bare wall coverage means that the HOA covers the exterior walls, any property they own, and common areas. You will be responsible for ensuring the interior of your condo.
All-in coverage means that the HOA covers the interior of your condo, including the structures and walls. However, it doesn’t cover your personal belongings.
Dwelling Coverage
If your HOA doesn’t have all-in coverage, you’ll need dwelling coverage. This covers the walls and fixtures inside your condo. If you have a mortgage on your condo, your lender will likely require dwelling coverage. You’ll need coverage that meets their requirements. Generally, it’s best to have dwelling coverage that will cover the costs of rebuilding your condo if it’s destroyed.
Personal Property Protection
Personal property protection covers everything you own inside your home, including valuables like jewelry, art, electronics, and furniture.
You should add up the cost of all your belongings and get personal property protection that covers this amount. You should get personal property protection regardless of the type of coverage your HOA has.
Liability Coverage
Lastly, you should have liability coverage. Liability protection covers expenses if someone is injured on your property. This typically starts at $100,000. However, it’s wise to have coverage that is at least as much as your assets.
Condo Insurance with Zenith Insurance Group
If you need condo insurance in Pinellas County, contact Zenith Insurance Group. Our experienced agents can discuss your options and help you select the best policy for your needs.
