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Introduction to Condo Insurance

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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. 

Introduction to Condo Insurance

Posted on by admin

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. 

Should I Invest in Life Insurance?

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Life insurance is crucial in safeguarding your loved ones financially if a tragedy strikes. Unluckily, many Charlotte and Waxhaw, NC residents, like many Americans, go without it. Statistics demonstrate that nearly half of Americans don’t have life insurance coverage. Most people assume life insurance is expensive, unnecessary, or don’t know the insurance plan’s benefits. 

If you are unsure if you need to invest in life insurance, hang on as Hausmann Insurance & Financial Services demonstrates why life insurance is a worthwhile investment. 

Protects your dependents

A life insurance policy is an ultimate protection against losing the insured’s income upon his demise. The beneficiary receives the benefits, getting cushioned against financial difficulties after the policyholder passes away. 

Covers your debts

Life insurance pays for your mortgage, credit card, or student loan when you die. Instead of burdening your spouse or cosigners with financial liabilities when you die, purchase life insurance.  

If you have a business

Life insurance protects your business partners and employees when you die by replacing your financial contribution. 

Life insurance covers final expenses.

Many Americans have inadequate savings to cater for emergency expenses, signaling a financial burden in settling funeral expenses. This policy pays for burial costs without beneficiaries having to dip into their savings.

Life insurance can supplement your retirement savings

If you procure whole, universal, or variable insurance coverage, it accumulates cash value in addition to providing death benefits. This cash value builds over time, and it can cover expenses such as purchasing a house.

Buy life insurance today!

Not only does a life insurance policy support your beneficiaries after your untimely death, but it carries other benefits even for persons without dependents. Are you searching for life insurance in Charlotte, Waxhaw, NC, and the surrounding areas? Feel free to contact us or visit our offices at Hausmann Insurance & Financial Services for a comprehensive life insurance policy.

What Is Renters Insurance, and What Does it Cover?

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Many uninsured renters in Charlotte and Waxhaw, NC, live under the belief that their landlord insurance shields their possessions against calamities. The ultimate truth is that your landlord policy does not protect tenants. To this end, you need renters insurance, which is a form of coverage that safeguards your personal belongings against unpredictable calamities such as electrical surges, fire, and vandalism.

No matter the location of your apartment or condo in Charlotte or Waxhaw, NC, your renters’ insurance policy can protect your finances if disasters strike. Connect with us at Hausmann Insurance & Financial Services today for a customized quote, and learn more about selecting the perfect renters’ insurance policy that befits your needs and budget.

What is renters insurance?

Renters insurance plan protects tenants and their personal belongings against perils like:

  • Fire
  • Theft
  • Vandalism
  • Windstorm
  • Hail
  • Lightning

Renters insurance gives you inner peace of mind by knowing that your belongings get shielded if they are stolen or damaged by covered perils. Visit us today at Hausmann Insurance & Financial Services offices and talk to our passionate agents about acquiring renters’ insurance coverage.

What does renters’ insurance cover?

Renters insurance provides the below protection: 

  • Content coverage: This form of policy protects your clothing, furniture, and other possessions from covered disasters such as lightning, windstorm, explosion, and vandalism.
  • Additional living expenses (ALE): It pays for reimbursement for additional living expenses when your apartment is uninhabitable after a covered calamity strikes.
  • Personal liability coverage: Covers property damage or inflicted bodily injuries that arise from an accident at your premises. It also pays for damages that your household pets have propagated.
  • Medical payments coverage: It reimburses medical expenses for anyone injured while on your premises.

What does renters insurance not cover?

While renters insurance protects you against several perils, it won’t cover the below:

  • Valuables like jewelry
  • Home business
  • Motorized vehicles

Are you seeking renters’ insurance in Charlotte and Waxhaw, NC? Call or visit our Hausmann Insurance & Financial Services offices for a quote.

Will Auto Insurance Cover Rental Cars?

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If you are taking a trip out from Charlotte or Waxhaw, NC, and you’re thinking of taking a rental instead of the family car, you may be wondering if your personal auto insurance will extend to your rental car.

The short answer: Yes, it will.

Generally speaking, the rule of thumb is that the insurance follows the driver, not the car. So if you’re borrowing a friend’s car or renting a car, your insurance will cover it.

This gets a little more complicated when we’re talking about collision and comprehensive coverage value. If you drive with minimum insurance, that is, no comprehensive or collision insurance at all, then any damage to the rental car will come out of your pocket. Likewise, if you have far less comprehensive and collision insurance than the value of the rental car, then you will have to make up the difference.

But in more cases than not, a renter’s insurance is more than adequate to cover the value of the rental car.

So to make it short: Your insurance extends to a rental car, but you’ll want to make sure that you have enough insurance to cover the damages should something happen to the rental car. That means you will at least need adequate comprehensive and collision insurance. Otherwise, you might have to wind up buying insurance from the rental company and paying more than you’d like.

If you have any questions or if you’re looking to get covered in Charlotte or Waxhaw, NC, get in touch with Hausmann Insurance & Financial Services. Hausmann Insurance & Financial Services can get you the policy you need to cover you in your car or someone else’s.

How Much Motor Home Insurance am I Required to Carry?

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In Charlotte and Waxhaw, NC, the only insurance you’re really required to carry on a motor home is going to be liability insurance. If you’re not protected, you might want to go ahead and call Hausmann Insurance & Financial Services and see about buying a liability policy. But the rest is up to you.

Legally, a motor home is treated a lot like a car, motorcycle, truck, or any other motorized vehicle. The law is there to make sure that the risk you pose to other drivers is covered.

This is, of course, if we’re talking about a mobile motor home. If you’ve parked your motor home and living in it in a park or on private property and you don’t plan on driving it off the lot any time soon, then it’s entirely up to you how much or how little insurance you want to buy. But as soon as you take it on the road, you will be required to carry liability protection.

Liability won’t provide any coverage for the motor home itself, only for the damages that it might cause on the road. If you want total protection, you will need collision and comprehensive, which will cover your losses in the event of an accident.

If you’re looking to get covered in Charlotte or Waxhaw, NC, get in touch with Hausmann Insurance & Financial Services. Whether you use your motor home for the occasional camping trip or you’re a lifelong resident of the road, you want peace of mind, and that’s what you can get with Hausmann Insurance & Financial Services.

What Boat Insurance Covers

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While you enjoy the lakes and coast of North Carolina, Hausmann Insurance & Financial Services, serving the Charlotte metro area, wants you to understand why you need boat insurance. Your boat in Waxhaw, NC could sustain damage while on the water, in the marina, on the road to the water, or to dry-dock. Your boat insurance policy protects it in all of those situations.

The same boat policy that provides you with property damage protection also provides you with liability coverage. Liability insurance pays if you cause an accident that hurts another person or their property. If you hurt an individual while operating your boat or an individual hurts himself while operating the boat, your liability insurance pays their medical bills. It also covers any court settlement that arises from the injury.

A boat policy contains a few types of insurance. It contains a liability policy, collision, comprehensive, and property damage coverages.
You probably think that makes it sound like an auto policy, and it does. It provides the same types of protection. The collision component covers accidents with collisions on the water or road, though.

Most states do not require boat insurance, but you need it all the same. The only protection your home insurance provides is the liability, which typically equals ten to twenty percent of the home value. That can quickly erode when an accident occurs since the average hospital stay costs $15,000. The home policy also provides little property damage coverage for the boat. Could you financially withstand having to purchase a replacement boat? If the answer is no, you need boat insurance.

Contact Hausmann Insurance & Financial Services to learn more about boat coverage and other watercraft insurance. Although we’re located in Waxhaw, NC, we serve the Charlotte metro area.

What does condo insurance cover

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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. 

Protect Your Family with Life Insurance

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What Life Insurance is right for you?

Financial planning is probably not at the top of your to-do list, but we all know how critical it is to create a plan. Part of a complete financial plan should include life insurance. If you’re the primary breadwinner and an accident occurs that causes you to be unable to take care of your family financially, life insurance could then step in and help your family make ends meet. There are several various plans of life insurance plans available. An insurance professional at Hausmann Insurance & Financial Services will take the time to go over the available options with you to help you find a policy that may work for your situation. Hausmann Insurance & Financial Services serves the Charlotte and Waxhaw, NC community and is ready to help you navigate life insurance plans available to you and your family.

Don’t leave your family out in the cold.

Life insurance plans are available in many forms. The two main policies people tend to purchase are Permanent Life and Term Life. Term life covers a specified length of time, generally in 10, 20, or 30-year lengths. If you die within the coverage period of your plan, your beneficiaries will be paid. If you don’t use the policy before it expires, you can purchase into another program or switch to a Permanent Life plan. Permanent Life usually has a higher associated cost, though it offers more features. 

What are your options? 

When you decide that it’s time to look at life insurance options, the agents at Hausmann Insurance & Financial Services are ready to help you through the various plans and make the process as easy as possible. If you’re in the Charlotte and Waxhaw, NC community, stop by the office. If not, give us a call today.

Does Auto Insurance Cover Items in the Vehicle?

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For many people, having good auto insurance comes down to whether they have an agent they can trust to get them the right policy. It’s pretty easy to sign up for coverage, but it’s more difficult to get the right policy for your needs. If you’re in the Waxhaw, NC area or near Charlotte, reach out to us today at Hausmann Insurance & Financial Services. By doing that, you can get the vehicle insurance you need to have the protection you’re looking for. You don’t have to settle for a policy that doesn’t give you good coverage or one where you don’t get your questions answered. We can help you avoid all of that and get the coverage you need.

A good policy may cover the items that are in the car, as well as the car itself. But you’ll need to make sure the policy you have is the right one for your needs and goals. They may not all be right for you, and you want to protect your vehicle properly. If you choose the coverage that doesn’t work for you, you’ll end up without any type of security for the things that matter most. You could also end up with policy options that are well more than you’re looking for, which doesn’t really help you protect your vehicle correctly.

When you’re in the Charlotte area or in or around Waxhaw, NC, reach out to Hausmann Insurance & Financial Services for your auto insurance needs. Then you can have peace of mind and feel confident that you’re getting a policy that’s covering what you need and not adding what you’re not looking for. That’s a great way to have the right policy for your vehicle and can keep you enjoying your time on the road for years to come.

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