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NorthGroup Insurance Services, Inc

13903 S Old Statesville Rd
Huntersville, NC 28078

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3824 Barrett Dr, Ste 101
Raleigh, NC 27609

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Why You Need a Condo Insurance Policy in Addition to the HOA Master Insurance Plan

Are you considering purchasing additional condo insurance for your condo in addition to the master Homeowners Association (HOA) Master insurance plan? If so, consider the difference in the coverage of the two policies. Young Insurance Associates Inc serves the Raleigh, NC community with condo insurance for condo owners. 

What does the HOA Master Insurance Plan cover?

The HOA Master Insurance plan generally consists of the exterior of the condo and any property attached to the building. For example, everything from exterior windows to the parking garage is included in the master policy. Any portion of the property that is shared among residents is considered covered under this policy, as it applies to all property areas except for the condos. Liability of visitors is covered in these property areas that are accessible by all residents. 

What this policy does not include is the interior contents of each individual condo. Essentially, structural coverage falls to the responsibility of the Master HOA insurance policy for most condos. 

What does Condo Insurance cover?

Condo insurance covers any property and damages that occur within the interior of the condo, which is essentially what is left out of the HOA Master Insurance policy. Because this area is considered yours and your families, it is not a part of the master coverage but it covered as the primary property of the condo insurance. If your property is damaged or stolen while within the condo, your insurance policy will cover and reimburse you for any lost items.

Get Your Condo Insurance Today

If you live in or around Raleigh, NC and are ready to cover the interior of your condo and thoroughly protect your belongings, contact an agent today at Young Insurance Associates Inc for your condo policy today.