Are you a proud owner of a Condo or Townhouse?
This aspect often leads to confusion among owners, bankers, realtors, and insurance agents. While a Townhouse may resemble a Condominium (Condo), it’s important to understand that as the owner of a Townhouse, you bear the responsibility for both the interior and exterior of your unit. On the other hand, if you own a Condominium, certain areas of the property are typically covered by the Homeowners Association (HOA) insurance policy, but the extent of coverage may vary.
In a Condominium, the HOA insurance policy typically covers the structure of the property and its common areas. However, it is essential to note that the interior of your unit (including drywall and appliances) and your personal belongings are not covered by the HOA insurance policy. Moreover, if someone sustains an injury within your private area, the HOA insurance policy will not provide coverage. Condominium insurance policies vary in terms of coverage, payout limits, and restrictions, which can be overwhelming to comprehend. At Felty Insurance Agency, Inc. in Bristol, Virginia, we specialize in navigating these intricacies on your behalf. Our local team is dedicated to finding the most suitable coverage at competitive rates from a variety of insurance providers.
To ensure comprehensive protection, it is advisable to have various types of condominium insurance coverage in place. This includes coverage for alterations, appliances, fixtures, and any other structures unique to your unit, as well as coverage for the property for which you are held responsible under the association agreement. Your Condo should be safeguarded against losses resulting from fire, smoke damage, storm damage (such as wind, rain, ice, snow, or hail), as well as theft, vandalism, or mischief.
As the owner, you are liable for any losses incurred by guests or visitors due to accidental injuries that occur on your property, ranging from slip and fall incidents to dog bites or damage to another person’s property. In the event of a lawsuit seeking financial compensation following an injury or other loss, your Condo insurance policy offers protection up to the specified coverage limits.
Determining the specific types of coverage that you require for your Condo can be a complex task. At Felty Insurance Agency, Inc., our dedicated team is deeply rooted in the local community and readily available to review your current policies and association agreement. We can assist you in identifying the appropriate coverage types and coverage limits necessary to mitigate the risk of potential losses. Our commitment lies in securing the best prices for the highest level of coverage, ensuring that local Condo owners attain the peace of mind they deserve.
