Category: Condo Insurance

Congratulations on becoming a condo owner! It’s a big step, and hopefully, you will enjoy many happy years in your new community. With it comes certain requirements and possible queries and doubts. One thing is for sure: it’s paramount to ensure that you are fully protected with condo insurance. If you’re searching for a trustworthy insurance agency that serves Charlotte and Waxhaw, NC, Hausmann Insurance & Financial Services is at your service.

Things to Know About Condos

First, make it a priority to read through the community rules diligently. Certain regulations might surprise you if you have never lived in a condo before. These might include maintaining the grass to a specific length, adhering to certain decor restrictions, or ensuring that your driveway is well-maintained.

Understanding the amount of annual or monthly fees is also crucial. Ensure you budget appropriately to cover Homeowners Association (HOA) payments. Knowledge of whom to contact during emergencies is also essential.

A common mistake often made by new condo owners is the assumption that they don’t need insurance. They might believe that the insurance policy of the condo’s management organization covers their private property and the condo itself. However, speaking with the condo management team is crucial to understand what is and isn’t covered. You might find that the coverage for personal property is not as comprehensive as you need.

The good news is that you can secure a condo insurance policy. Coverage varies from plan to plan, but you may be able to find policies that protect against burglaries, home fires, storm damage, and more. If you want to discuss your options with an insurance agent serving Charlotte and Waxhaw, NC, feel free to reach out to Hausmann Insurance & Financial Services as soon as possible.

For many, their condo is among their most significant investments, so obtaining the right insurance policy to protect that investment is vital. Below are some tips to help you obtain the coverage that best meets your needs. To get the right policy, consider our Hausmann Insurance & Financial Services team, serving Waxhaw, NC and the greater Charlotte area.

Condo Insurance Considerations

Condo and home insurance have much in common, but their differences may also affect your choices. Among the most important differences and an essential tip is to ensure that your condo policy complements your association’s policy. Your condo policy should differ depending on whether your association policy uses the "walls-in" or "all-in" approach.

Other vital tips for your condo insurance include:

• Accurately Value Your Belongings: People often underestimate the value of their possessions. Inventory your belongings and get appraisals for jewelry, art, and collectibles to protect yourself adequately.
• Choose High Deductibles: High deductibles save money, but you must have the cash to cover them when needed.
• Pay Attention to Exclusions: Standard policies typically do not cover flood and wind damage. North Carolinians should consider upgrading their coverage.
• Consider Umbrella Coverage: People underestimate their potential liability for accidents in their condo and while driving. Umbrella policies cover both and help you keep your assets even when accidents happen. Umbrella policies can be especially beneficial in protecting retirees’ assets.

Also, obtain a landlord rider if you sometimes rent your condo to others.

Working with Hausmann Insurance & Financial Services

Hausmann Insurance & Financial Services proudly serves Waxhaw, NC and the greater Charlotte area. We will happily work with you to protect your condo and family against unforeseen events. Call us today or visit the office to discuss your condo insurance options.

Condominiums have become a popular choice for individuals who prefer not to have the maintenance responsibilities of a single-family home yet want the financial benefit and privacy of home ownership. Hausmann Insurance & Financial Services, with offices in Charlotte and Waxhaw, NC offers condo insurance to protect your condo investment.

Special Problems That Condo Insurance Covers

Your condominium homeowners association generally carries a “master plan” of insurance that covers the exterior walls, roof, and common areas of your condo building. Some policies also cover plumbing and electrical systems within your building.

However, your possession inside the condominium is not covered by this policy, and if a damaging event should occur, you would not receive any reimbursement for goods that have been destroyed. Condo insurance fills in the gaps, covering clothing, furniture, electronic equipment, and many other items that would be expensive to replace.

Types of Coverage – Actual Cash Value or Replacement Cost?

Your condo insurance policy may reimburse you at the actual cash value of your possession, that is, what they are worth after depreciation and wear and tear. Another type of coverage reimburses you at replacement cost, which will pay at the level of a new item.  Replacement cost policies are more expensive than those for actual cash value but may be the better deal if you want your goods to be replaced with new items. Special, expensive items may only be covered to a certain limit, so you may need to schedule these items to receive higher limits of reimbursement.

Choose Us For Your Condo Insurance

We can provide in-depth answers to help you understand the details of your policy coverage. Contact Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC today for a no-obligation quote on condominium insurance for your property.

Hausmann Insurance & Financial Services is happy to assist Charlotte and Waxhaw, NC residents with all their insurance requirements, including condo insurance. Here are some of the common questions we encounter when condo owners are trying to decide on the best coverage for their needs. 

What is condo insurance?

Condo insurance is insurance that covers the inside structure of the condo and the owner’s belongings that are inside the condo. There is a type of insurance that the complex carries, called the condo association or HOA master policy. This includes both the exterior and the common areas of the entire complex.

The type of condo insurance that you will need as a condo owner will depend on the type of insurance coverage that the master policy has. Condo insurance includes dwelling coverage, medical expenses, liability coverage, personal property coverage, and loss of use coverage.

How does condo insurance differ from renter’s insurance?

Condo insurance is very different from renter’s insurance. Renter’s insurance covers the belongings of the renter and liability if something happens. Condo insurance covers the inside structure of the condo. If the owner is living in the condo instead of renting it out, it takes care of personal belongings. If the owner with condo insurance is renting it out, then it only takes care of the inside structure, and whatever appliances or furniture are included in the rental.

How is condo insurance different from homeowner’s insurance?

Condo insurance is similar to but different from condo insurance. Condo insurance covers the inside structure and liability in case someone gets hurt, or their personal property gets damaged. Homeowner’s insurance covers outside structures, personal property, liability, and the inner and outer structures. Condo insurance is cheaper than homeowner’s insurance because it does not protect the whole structure.

Contact Us Today

There are many similarities and differences between condo insurance, renter’s insurance, and homeowner’s insurance. For more information, contact us at Hausmann Insurance & Financial Services located in Charlotte and Waxhaw, NC.

If you live in the Charlotte or Waxhaw, NC area, being a homeowner is a good choice and housing option. One great housing ownership option is to purchase a condo, which comes with various amenities and advantages compared to owning a single-family home. If you do purchase a condo, it is important that you get proper insurance for it. There are various reasons why having condo insurance should be considered a necessity. 

Condo Insurance: What You Need To Know

Association Requirement

One of the reasons that you will need to have a condo coverage plan is to comply with rules set by your association. The vast majority of condo owners will sign condo association documents that outline all rules and requirements. One very common provision is for all condo owners in the community to get a condo insurance plan. This coverage will ensure you have support to repair your condo and that you have liability coverage. 

Mortgage Lender Requirement

Beyond having condo insurance to comply with association rules, you will also want to have coverage to meet standards set by your mortgage lender. If you have taken out a mortgage, your lender will require that you carry insurance on your condo. This typically includes having specific condo insurance standards that need to be met. With a condo insurance policy, you will meet these requirements and stay in good standing.

Contact Us Today

Owning a condo in the Charlotte or Waxhaw, NC area is a good investment. If you are looking for a new plan in this area, it would be a good idea to start your search by calling Hausmann Insurance & Financial Services. There are a lot of choices to make when looking for condo coverage and Hausmann Insurance & Financial Services can ensure you have the appropriate support in place at all times. 

As a condo owner, you own your unit but not the exterior of your unit. This can create a unique situation in terms of liability. As an owner, you are responsible for protecting the contents and the interior of your unit. As a result, condo insurance is designed to provide this function. This insurance protects the interior of your unit but excludes protection for the exterior of your unit. Hausmann Insurance & Financial Services of Charlotte and Waxhaw, NC is committed to educating our customers.

What is Condo Insurance and What Does it Cover?

Condo insurance is also referred to as HO6 insurance. Condo insurance provides protection for losses and damage to the interior of your condo unit. The protection includes theft, water damage, fire damage, vandalism, and more. Condo insurance covers the things that your HOA insurance doesn’t cover. For example, HOA insurance doesn’t cover the above-listed situations in addition to liability costs. 

What Coverage Does Condo Insurance Include?

Condo insurance can include several specific situations. However, standard coverage items accompany most condo insurance policies. This coverage protects you, your possessions, and the interior of your unit. In specific, condo insurance. In particular, condo insurance includes personal liability, which helps if a guest is injured, or their personal belongings are damaged. Condo insurance includes guest medical coverage as well. Building property protection will pay for damage to your unit’s interior walls. However, personal property coverage covers everything from your electronics to your furniture or clothing. Condo owners also have the option of choosing from several types of personal property coverage. You will be compensated according to the type of personal property coverage you get. Keep in mind that this coverage has limits/ maximums. Your condo insurance can replace items based on current/actual cash value or the replacement cost coverage. This may mean that you are compensated for the depreciated value of your items. Condo insurance coverage for four main areas:

• Personal Liability Coverage
• Guest Medical Coverage
• Building Property Protection
• Personal Property Coverage

If you have questions about condo insurance, give us a call. Our team at Hausmann Insurance & Financial Services is standing by to answer all of your questions and to help create a condo insurance policy that meets your needs.

Typically, condos are affordable compared to single-family homes. For this reason, condos are popular with homeowners operating on a tight budget or looking to downsize. While owning a condo is a significant step in your life, you need condo insurance to complete your condo ownership journey. If you are unfamiliar with condo insurance, here is a brief guide from Hausmann Insurance & Financial Services, serving Charlotte and Waxhaw, NC, and surrounding areas. 

Doesn’t the condo association policy cover my condo?

While it’s true your condo owners association (COA) has a master policy, this coverage protects the outside of your building and damages and injuries occurring in common areas such as the tennis court and lobby. In light of this, the COA master policy doesn’t protect damage to your dwelling’s interior and other assets.

What does condo insurance cover?

Given that perils like fire, theft, and vandalism are a constant threat to condo owners, you need condo insurance to protect your assets. Here are the areas covered by condo insurance:

• Interior dwelling coverage: Covers the inside of your dwelling, including walls, fireplace, roof, floors, light fixtures, and plumbing system.
• Assets protection: Safeguards your assets from loss or damage from perils like theft, hail, fire, vandalism, and many others. 
• Liability claims: Covers you against property damage and bodily injury that you and your family members cause to third parties. For instance, if a guest injures their leg while on your premises, condo insurance covers the medical costs.
• Loss of use: This coverage pays for additional living expenses you incur while in a temporal residence while your dwelling is undergoing repairs caused by a covered risk.

Because condo insurance doesn’t cover your entire building, it’s surprisingly affordable. If you are shopping for condo insurance, please contact Hausmann Insurance & Financial Services, serving Charlotte and Waxhaw NC, and nearby areas, for an affordable quote. 

Typically, condos are affordable compared to single-family homes. For this reason, condos are popular with homeowners operating on a tight budget or looking to downsize. While owning a condo is a significant step in your life, you need condo insurance to complete your condo ownership journey. If you are unfamiliar with condo insurance, here is a brief guide from Hausmann Insurance & Financial Services, serving Charlotte and Waxhaw, NC, and surrounding areas. 

Doesn’t the condo association policy cover my condo?

While it’s true your condo owners association (COA) has a master policy, this coverage protects the outside of your building and damages and injuries occurring in common areas such as the tennis court and lobby. In light of this, the COA master policy doesn’t protect damage to your dwelling’s interior and other assets.

What does condo insurance cover?

Given that perils like fire, theft, and vandalism are a constant threat to condo owners, you need condo insurance to protect your assets. Here are the areas covered by condo insurance:

• Interior dwelling coverage: Covers the inside of your dwelling, including walls, fireplace, roof, floors, light fixtures, and plumbing system.
• Assets protection: Safeguards your assets from loss or damage from perils like theft, hail, fire, vandalism, and many others. 
• Liability claims: Covers you against property damage and bodily injury that you and your family members cause to third parties. For instance, if a guest injures their leg while on your premises, condo insurance covers the medical costs.
• Loss of use: This coverage pays for additional living expenses you incur while in a temporal residence while your dwelling is undergoing repairs caused by a covered risk.

Because condo insurance doesn’t cover your entire building, it’s surprisingly affordable. If you are shopping for condo insurance, please contact Hausmann Insurance & Financial Services, serving Charlotte and Waxhaw NC, and nearby areas, for an affordable quote. 

Owning a condo is a little different than owning a freestanding house. While you own your unit, the exterior is maintained and insured by the HOA with a master policy. It covers things like your siding and roof and the common areas you share with other owners. This puts less liability on you but exactly how much can differ from HOA to HOA. Before getting your condo insurance, familiarize yourself with the coverage provided by the master policy. At Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC, we offer service to our customers in both English and Spanish, and our experienced team always puts your needs first. 

Building

While condo insurance doesn’t cover the exterior of the building, it does cover fixtures on the inside, such as kitchen cabinets, built-in bookcases, bathroom fixtures, lighting, and permanent flooring. When figuring the amount of insurance you need to cover these, any upgrades you have made from builders grade should be considered. 

Contents

Everyone has a lot more content than they realize. Imagine if you had to replace everything you own. When it comes to content coverage, you have two options replacement cost or actual value. Replacement cost is more expensive, but it will actually give you the money you would need to replace something you had at today’s price, not at its depreciated price. 

Loss of use

If a covered peril damages your condo, you may not be able to live in it. While it is being repaired, you will need a place to stay. Loss of use coverage will allow you to go to a hotel and then a rental for an extended stay. It can make a big difference so check your policy for the amount and limits of this coverage. 

Contact Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC if you have condo insurance needs or questions.