What is covered by my condo insurance?

Living in a condo is a lot like living in an apartment, except that you have a property interest. There are multiple insurance policies protecting your University Place, WA dwelling. One is carried by the homeowners association, and the other is carried by individual unit owners. It is important to understand how important it is to carry condo insurance and what is actually covered under your policy. MTC Insurance Agency Group can help with that.

The HOA Insurance

Your homeowners’ association carries insurance on the common areas, such as hallways, playgrounds, or pools. Individual condominiums are either part of a complex or part of a building that holds separate units. The HOA insurance will protect the building itself and is usually paid for through HOA dues.

Your Condo Insurance

Your individual condo insurance protects everything within your walls from certain named events, such as fire, burglary, vandalism, or storms. This includes:

  • Your rugs, carpeting, and window treatments
  • All small and large appliances
  • Furniture
  • Electronics, such as TVs, phones stereos, and computers
  • Clothing
  • Miscellaneous items like books 

There are exceptions about what may be covered, and you may need extra protection for some items, such as expensive musical instruments, jewelry, and fine artwork.

Liability Insurance

As part of your condo insurance, you also have liability protection. That means that, for instance, if someone is injured while visiting you, your condo insurance protects you in case of a lawsuit. That includes legal assistance. If someone is injured in a common area, the HOA insurance should cover it.

Reach Out To Us

If you have any questions about University Place, WA condo insurance, or if you would like to find the policy that best suits your needs, please feel free to call MTC Insurance Agency Group today.