HOA and Condo Insurance: What You Need to Know

The idea of getting both HOA and condo insurance in Panama City Beach, FL seems redundant. But the truth is, they are two different animals. Most HOA insurance policies protect the condo building and its common areas.  They don’t protect your personal items. You need condo insurance to cover the gaps.

The Differences Between Condo and HOA Insurance

Both types of insurance coverage have their benefits. But, when they work together, they accomplish more. That’s why it’s important to know the difference between the two. For instance, there are two basic types of HOA insurance:

• Studs-out coverage: This is the basic HOA policy discussed earlier. It covers the outside of the building and areas like the roof, elevator, lobby, and pool.
• All-in coverage: This coverage has the same coverage as studs-out coverage but with a little extra. It also covers the walls, floors, ceilings, cabinets, and lighting fixtures in the condo.

Condo insurance, on the other hand, goes a little deeper. It typically covers:

• Personal property: Your furniture, clothing, electronics, and other personal items
• Dwelling: The inside of your condo, like the walls, floors, ceilings, etc.
• Liability: The damage that happens if someone gets hurt in your condo. It also covers you if you accidentally damage someone else’s stuff.  
• Loss of use: This involves the additional living expenses you accumulate if you have to move out temporarily.

As you can see, condo and HOA insurance are two halves of the same coin. They work together to give you the best coverage possible. To get the right condo insurance coverage, you must:

Check your HOA insurance policy to see what it does and doesn’t protect

• Read your policy carefully to get a good understanding of the terms, conditions, etc.
• Ask one of our trustworthy agents at Hall Insurance in Panama City Beach, FL any questions you have.

Hall Insurance Is Here To Help

Bridging your coverage gap with condo insurance is a smart way to protect both your condo and belongings from unexpected events. Call us to learn more about how our agents at Hall Insurance can help you bridge your coverage gap.