Homeowners insurance is straightforward because it covers your property and because your property is unlikely to be affected by properties around you. But when you live in a condo, you live in a unit surrounded by other units. If they experience a problem that affects their unit, like a major plumbing leak, it could also affect your unit. This prompts the question, does condo insurance cover issues coming from other parts of the building? It’s an important question to ask. Let’s see what condo insurance will cover and how we here at Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC, can help!
Does Condo Insurance Cover Damages Stemming from Other Units?
Condo insurance is designed to cover damages that happen to your unit and come from your unit. But what if another condo owner’s pipes were to burst and result in water damage to your unit? Would you be covered in this scenario? Typically, yes. Your insurance would likely cover the repairs required to fix your condo so it’s back in optimal shape. Then, your insurance may end up going after the other person’s insurance to recoup the cost. The building owner may also be able to help as they own the building and could potentially be responsible for the damages caused by a lack of maintenance on certain systems. These types of situations can be complex, but you should rest assured that you’ll likely be covered should these types of damages occur. If you’re concerned about this, reach out to your provider ahead of time for clarity.
Secure Your Condo with Hausmann Insurance & Financial Services
Protecting your condo is important if you want to avoid expensive fixes. We’re here to help. Compare condo insurance quotes now with Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC!
