Condo insurance can be confusing. It covers a shelter that is part of a much larger one; so when it gets bogged down to the details, it’s better to have some help. The liability protection in a condo association’s insurance policy may help cover legal or medical costs if the association is hit with a lawsuit — for example, if someone is injured after slipping and falling in a common area maintained by your association. AmeriAgency offers the best rates on condo insurance in Nashville. Are you in East Nashville?
Then there’s property coverage, which helps provide protection against covered perils for the common areas of the building that you share with all the other residents, like the roof, elevator, basement, courtyards or walkways.
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When it comes to your unit, the association’s insurance may help protect the bare walls, floors and ceiling of your condo. You would then be responsible for covering things like kitchen cabinets, appliances, bathroom fixtures, and any plumbing and wiring in your unit with your own insurance policy.
Other times, the association’s coverage may help protect your condo as it was built, including fixtures such as the original tub and appliances, according to the III. In this case, you would likely be responsible for the cost of replacing any upgrades in your unit.
The only way to really know which structural parts of your condo are covered by the association is to read its bylaws to learn what parts of your home are covered by the master insurance policy.
What is Covered?
Regardless of how lean or expansive your condo insurance is, you can expect just about every policy to cover:
- The building’s common areas, which means you can expect things like the building’s exercise room, lobbies, swimming pools, and outdoor pavilions to be covered for personal liability and physical damages
- The exterior structure of the condominium building against property damage
- The land surrounding the condo building if it’s damaged or if a guest is injured on the grounds
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