350 Sardis Rd ,
Asheville, NC 28806
Many condos are covered under a master association policy, so condo owners may think that condo insurance is not required. However, there are certain things that the master association policy doesn’t cover, and without your own condo insurance, you could face financial disaster in the event of a loss. The master policy will not cover your personal liability, as well as your personal belongings that are in the condo.
Your condo insurance will cover a wide range of items, which can include personal liability, personal property, loss of use, and medical payments. The HOA liability will only apply if a resident or visitor is injured in the common areas, such as a swimming pool or pathway. If someone accidentally falls down your stairs, then your personal condo insurance will cover this liability. Not only will insurance pay the settlement, but it can also cover the cost of defending you from lawsuits. Have enough liability insurance to cover your assets. Some experts recommend the value of your assets plus five times your annual income, in order to stay protected. If there is a fire and everything in your condo gets destroyed, your HOA may cover the building, but it won't cover any of your property. An inventory of your belongings can help you determine how much coverage you need. Remember that this won’t necessarily cover all your high-ticket items. An agent at Debruhl's Insurance Services, LLC can also help you determine how much coverage to have.
Many HOAs are also choosing higher deductibles to reduce premiums, which means that condo owners could be on the hook for some of this in the event of a disaster. Be sure to read your master policy to see if this coverage would benefit you in Asheville, NC. Loss of use coverage is important to consider if you will need to stay elsewhere while your condo is being repaired.
Contact Debruhl's Insurance Services, LLC, serving Asheville, NC, to get a quote on condo insurance.