Bentonville Condo Insurance
Buying a condominium can make for a great option when you want the best of owning a private space while still having access to certain amenities like swimming pools, tennis courts and recreational spaces. When you buy a condo, you own the unit and are responsible for the interior and some portions of the exterior. You’ll generally be required to join the homeowner’s association that’s connected to the condo community.
You’ll also have to follow the guidelines set forth by the association when it comes to your property. This can include what color the exterior of your condominium can be painted, what kind of front door you have and the kind of landscaping you’re allowed to do.
Condominiums are a unique opportunity to own a portion of a community, and with that, you need to understand what your insurance needs are. Since your homeowner’s association is responsible for the grounds and common areas, they’re required to carry a master insurance policy to protect the condo owners and anyone else who visits the property. So what does that mean for you when it comes to purchasing condo insurance? You may wonder why you would need insurance coverage if there is already a policy in place.
It’s essential for you as a condo owner to carry your own insurance policy to protect yourself from losses and liability. The homeowner’s association’s master policy only applies to certain aspects of the condominium community like the common areas, parking lots and walkways. The master policy also protects the association from liability claims. Before you buy insurance for your condo, request a copy of the master policy from your association to see what it covers.
You’ll want to check to see if the condo association’s policy is an all-in or a bare-walls-in policy. The all-in policy will cover certain aspects of your unit such as plumbing, appliances or the electrical system. The bare-walls-in policy typically covers nothing that’s inside of your condominium. It’s important to note these differences so that you can buy the right coverage.
There are many benefits to owning condo insurance, and in some cases, you may be required to carry it. Condominium insurance covers personal belongings in the same way that a homeowner’s or renter’s policy does. If you are the victim of a covered peril such as fire, theft or storm damage, then your policy will help you recover by paying for your lost personal items. In the case of a burst pipe or exterior damage, knowing what the association’s master policy covers will make it easy to file a claim.
If your unit is destroyed in a fire or other catastrophic covered event, then your condo insurance will help you pay for a hotel room. Nobody expects their home to be destroyed, but knowing that at least your living expenses will be reimbursed will help you get back on your feet. The policy may also reimburse you for restaurant meals, transportation costs and things related to your covered loss while your condo is being repaired.
Another great benefit that comes with having condo insurance is that it covers you for liability. You may think you don’t need protection, but if a guest is injured inside your condo, they may attempt to sue you. Whether it’s an acquaintance or maintenance worker, if they’re hurt, they may try to get money from you by taking you to court— your liability coverage will pay for their medical bills and other related costs. It can also help pay for your legal fees related to the accident.
There are some other important items to note about condominium insurance. Many condo policies exclude flood and earthquake damage, so it’s important to consider if you need this type of coverage. Another consideration for both your own policy and the master policy is you’ll need to pay the deductible before any claims payments can be made. It’s wise to keep your deductible at a reasonable figure, so you can afford to pay it if you need to file a claim. You should also be aware of what the master policy’s deductible is, so there are no surprises. If you need to file a claim using the master policy, it’s likely the association will require you to pay the deductible.
Buying condominium insurance can be a confusing process, and that’s why you should contact our skilled insurance agents to help. We will find the most affordable option for you and ensure you get the right coverage. When you work with our insurance agency, we’ll find discounts and specialty products that will give you the best value. Our relationship isn’t over once you’ve purchased a policy. We’ll be here to help you file claims and answer your policy questions. Contact us to find the right condominium insurance today.