More and more people are getting displaced from their homes each year. In fact, 43% of homes in the United States are at risk of damage from a natural disaster.
When a storm or other emergency damages or destroys your home, having the proper insurance coverage will protect all of your belongings.
Do you want to learn more about what your condominium insurance in North Carolina covers? Keep reading this article to learn more about the types of coverage and what options are best for your condominium.
The main thing that your condominium insurance will cover is any of your personal items or belongings that get damaged in an emergency, like a fire or vandalism.
For example, if your condominium caught fire and you lost everything inside, this insurance would allow you to buy new clothing, electronics, and all other personal possessions.
Another important thing that condominium insurance covers are any appliances that are in your condominium at the time of the emergency. This is important, as these appliances are typically expensive and may be difficult for many residents to replace.
Whether you have a washer and dryer, a refrigerator, or a dishwasher, your North Carolina condominium insurance protects these things will in an emergency or if there is any other damage that occurs.
Your condominium insurance will also cover the furniture that is inside your home. If you have bought room decorations, couches, or even beds for your condo, you will not have to worry about paying for these expenses again.
Instead, you will be able to file an insurance claim if damage occurs to any of these things in your condo.
Loss of Home
Next, your insurance for your condominium insurance will cover the loss of your home.
If you are unable to live in your home after something like a fire or storm, it will cover your additional costs when you are finding a place to stay. Your condominium insurance policy covers the cost of finding temporary housing after serious damage to your condo.
Make sure you always check with your insurance provider to see what they will cover in these situations!
Something that is important to realize is that these policies do not typically cover flood insurance. If you live in an area that is prone to floods or hurricanes, you may need to buy an additional policy to cover these potential damages.
Damages & Liability
Finally, North Carolina condo insurance will also cover you for liability. If an injury occurs to someone on your property, this insurance will protect you and keep you from having to pay for their medical bills and other fees out of your own pocket.
It covers any injury to people on your property and it can also cover their property if it is damaged on your property.
What Type of Policy Should You Get?
When you are getting insurance coverage for your condominium in North Carolina, these policies are known as HO-6 policies. These are the policies that cover all of the contents of your house from damage. In many cases, these policies are required if you own a condo.
However, you may benefit from getting some type of umbrella coverage. For example, if you own a condo in an area that has a high flood risk, you will likely need flood insurance as well. Rather than having two separate policies, combining these in an umbrella coverage can help you save money and increase your coverage limits.
When you talk to your insurance agent, they can discuss each of your options for coverage to help you find one that fits each of your unique needs.
What is Covered By a Master Policy
When you have a master insurance policy, you are generally paying a monthly fee for this type of homeowners coverage. If your condo has a master insurance policy, this may not be as inclusive as it sounds. Typically, this only covers the structure and common areas of your building.
If you want any of your personal belongings or anything from the interior of your home covered, you will usually need to have additional policies.
As was mentioned before, you will likely have to buy additional flood insurance, as this is not usually included. If your condo floods and the structure of your building is damaged, this should be covered by your master policy.
However, everything you own inside your condo will not be covered. Make sure you have a policy that will protect all of your contents and each of your own possessions.
Is Condominium Insurance Required?
In many places, a condominium insurance policy is required if you are an owner. Mortgage companies began requiring insurance coverage after the housing crisis. So, if you purchase a new condominium in North Carolina, you will have to consider this additional cost.
Luckily, if your condo has a master policy, you will not have to pay as much for your part of the coverage.
Find the Best Condominium Insurance Coverage to Stay Protected
When you are looking for condominium insurance, you do want to find the best options on the market. Otherwise, you may be left with nothing in the event of a natural disaster or another type of emergency. By getting condominium insurance, you can protect each of the items you own in your home.
Are you looking for condominium insurance in North Carolina? Amistad Insurance Services can help! Contact our team today to learn more about our condominium insurance policies or to get a free online quote for your insurance policy.