Before moving into a condominium, there are unique insurance distinctions new owners need to know about. Much of the coverage nuances are owed to requirements established by the property's homeowners association or HOA. As the area's premier provider of insurance products, Dunlap Agency, Inc. in Fairbanks, AK, helps clients expertly navigate the sometimes confusing roadmap of this policy type. To get you started, they explain what most standard plans cover.

There are two categories of insurance for condo owners: HOA and individual. Policies from most HOAs typically provide protection for incidents that occur in common areas shared by owners, such as lobbies, tennis courts, pools, and elevators. The plan can also extend to guests who sustain injuries while on the premises. The coverage also includes costs to repair property damage.

 

An individual condo insurance policy usually covers the owner's personal property, including furniture, computer equipment, and some appliances. If these items are damaged due to water leaks or natural disasters, the carrier pays for the repair or replacement costs. The plan also picks up the tab for damage to interior structures such as countertops, fixtures, floors, and walls. Like most standard homeowners policies, it pays for injuries sustained by guests within the unit.

Condo insurance contains several unique features that set it apart from homeowners or renters plans. For instance, if the owner renovates their unit, they will likely be responsible for increasing coverage for those changes, like adding hardwood floors or new countertops.

 

Another important feature is loss assessment. Most condo insurance policies provide financial protection for any damages caused by owners that are assessed by the HOA. Also, coverage may extend to loss of condo use. If the unit is damaged by a fire or other conditions that make it uninhabitable, many policies will pay for temporary relocation expenses, such as hotel stays.

 

If you're planning to move into a condo, having the right type of coverage is important to protect your unit and possessions. Let the experienced team at Dunlap Agency, Inc. help you secure a comprehensive and affordable insurance policy. Serving the community since 1986, they have the knowledge and expertise to customize the right package for you. To get a quote, call (907) 456-5202 and speak with a friendly agent. Visit the website for information on their wide range of coverage options.