There are many types of insurance available on the market. Auto insurance, health insurance, and home insurance are the most well-known types of insurance. There is insurance for pretty much anything imaginable, including condo insurance. Jet Stream Insurance Group, LLC in Miami Lakes, FL is here to help you navigate this important coverage. Below, we have answered some of the most commonly asked questions about condo insurance.
Condo Insurance FAQs
Here are the most common questions about condo insurance and the answers to those questions.
What is condo insurance?
Condo insurance covers the part of the condo that the owner owns. It is similar to homeowner’s insurance, but it doesn’t cover the outside property or land.
How is condo insurance different from home insurance?
Condo insurance only covers the inner structure of the condo and the owner’s belongings. The outside structure and the outer property are covered by the HOA’s master policy. Home insurance covers the inner and outer parts of the home plus any other structures that are on the property. Home insurance also covers what happens on the outside of the dwelling.
Why do I need condo insurance?
In most cases, HOA requires condo owners to have condo insurance. Without condo insurance, you could be responsible for a lot of costs out of pocket. Here is an example of how condo insurance is beneficial. Let’s say you walk into your home and find that someone has broken in.
You assess the damage and find that one of your appliances was broken or damaged. You file a claim with your insurance company and are compensated for the damage to your appliance. You then use that money to get a replacement appliance. All you have to pay is the deductible instead of the full cost of the appliance.
Reach Out To Us
These are just a few of the many questions people have about condo insurance. For more information about condo insurance or to get a quote, contact us at Jet Stream Insurance Group, LLC in Miami Lakes, FL.