Owning a condominium as your home or your home-away-from-home offers a number of benefits, including hassle-free maintenance and amenities such as pools and tennis courts, but it also requires a unique kind of homeowners insurance.
Condo owners can protect their possessions and finances with a condominium insurance policy that is custom-designed to fit their specific needs.
In addition to having maintenance and yard work handled by a condo association and enjoying a variety of amenities, condo owners also experience a strong sense of community and are usually located near shopping and entertainment venues.
While a traditional homeowners insurance policy protects against damage and loss of your belongings and includes liability coverage for injuries that occur in and around the home, a condo association will have a master insurance policy that covers damages to the structure of the buildings and the common areas. And the association’s policy covers injuries that occur in facilities such as a pool or gym. As a result, condo insurance policies are less expensive than typical homeowners insurance policies.
To put it another way, condominium insurance, also known as HO-6 insurance, picks up where the condo association leaves off. When you own a condominium, you are generally responsible for damages within your unit, including interior walls, floors and ceilings. Condo insurance is designed to protect you, the condo owner, from financial loss as a result of burglary, fire and other incidents, as well as protect you in case someone is injured inside your unit.
Keep in mind that condo insurance will not cover damages to personal property caused by flooding. You must have a separate flood insurance policy to cover damage from rising water from a river or other waterway.
If you use your condo as a vacation home and it is vacant for several months at a time, vacant condo insurance may be an option. Vacant condo insurance policies are written to cover only named hazards, such as fire and water damage. As a result, vacant condo coverage can be very affordable.
As with most insurance, the amount of condo insurance you need will depend on the value of your possessions. An Alliance Insurance Services professional can review a detailed list of your belongings with you and help you estimate replacement costs. Your Alliance agent can also help you determine the appropriate level of liability coverage to protect you in case a legal action is brought against you by someone who is injured in your unit.
The Alliance Insurance Services Guarantee
At Alliance Insurance Services, we believe that when it comes to selecting an insurance agent, the most important factors are Protection, Price, and Service. Protection of your most valuable assets is what insurance is all about. As your condominium insurance agent, it is our job to make sure you are adequately insured.
As an independent insurance Agent, we represent more than 20 top-rated insurance companies. This means we shop your condo insurance for you, offering you the best possible coverage for the best price.
When you have a question, concern, or problem, we are here for you! We have offices in Winston-Salem and Walnut Cove. And our Summit Square Boulevard office in Winston-Salem has extended hours (until 5:30 pm Monday through Friday) and every Saturday for your convenience.