Many PA residents live in condominiums. The advantages are several:
- The condo association maintains and insures the real property, the grounds and all common areas
- The condo owner can enjoy amenities such as swimming pools and tennis courts
- Many condo buildings have a high degree of security
- Living in close proximity to other units can provide many social opportunities
There are some risk factors of which you as the condo owner should be aware. You are responsible for insuring your own personal property and personal liability exposures. Your condo association will insure the building and all common areas. You need to read your association document because you may also be responsible for some or all of the appliances within your condo. The best solution for you is to contact a member agent in the Trusted Choice® network who can help you obtain the Pennsylvania condo insurance that is right for you.
Does Condo Insurance Differ From Homeowners Insurance?
Coverage for condo owners is different from a regular homeowners policy. The intent of a condo policy is to insure your personal property, and your personal liability. The structure of the condo, common areas, and sometimes windows are insured on a master policy owned by your condo association.
If you are responsible for appliances or equipment within the condo, be sure that the limits of your policy are adjusted accordingly and be sure your policy will provide the appropriate coverage. Contact a an agent in the Trusted Choice network to be sure you have the proper coverage.
What if I Rent Out My Condo?
First, be sure that you have a lease agreement with your tenant. It's best to have this drawn by an attorney, but you can use pre-printed lease forms obtainable online or at an office supply store. You should also ask for references and try to obtain some financial information on the potential tenant. If you have a leasing agent handle the matter, they can take care of the lease and also do a background check with a credit report. The tenant should provide you with evidence of renters insurance to cover their property and liability exposures.
Do not cancel your Pennsylvania condo insurance just because you're renting it to a tenant. You may still have some responsibility for appliances or equipment within the condo. If you rent the unit furnished, you will still have to cover your own property. If you have a mortgage, it will probably require you to maintain coverage regardless.
Be sure to clear the rental with your insurer. Some policies may not allow rentals or may need to be endorsed to recognize the rental.
What if I Rent a Condo?
This scenario is no different than renting an apartment. You will need a standard renters insurance policy to cover your personal property and personal liability. You will probably be asked to provide evidence of coverage to your landlord.
As always, if you buy your coverage from a professional you will be better served. You should contact a Trusted Choice agent to be sure you have the policy that meets your needs.
Unusual Features of Condo Living
Because so many people are living in close proximaty, you face the risk of a fire starting in some other unit that may damage your property. Also, damage to pipes or plumbing in another part of the building can result in water damage to your unit. When many people live in a relatively small area, the risk of theft can increase.
The best protection against these and other risks is a Pennsylvania condo insurance policy tailored to your needs and risks.
Other Insurance Considerations
There are other issues to consider when purchasing your Pennsylvania condo insurance:
- Your policy will not cover flooding, which must always be obtained on a separate flood insurance policy
- If you have boats, ATVs, snowmobiles, etc. be sure to discuss these exposures with your agent as many policies will not provide full coverage or, in some cases, any coverage at all
- If you own high valued jewelry, furs or fine art it may be a good idea to purchase a separate rider to make sure you're fully insured
- It's a good idea to consider buying a high liability limit, as the increased cost is nominal and you will be much better protected against lawsuits and major financial losses
Finding Pennsylvania Condo Insurance
Even with something as simple and straightforward as a Pennsylvania condo insurance policy, there are many alternatives and issues you need to consider. Make sure your personal property is properly protected and that you have the right liability coverage to protect all your assets.
Be choosing to work with a member agent in the Trusted Choice network, you will able to evaluate alternative Pennsylvania condo insurance quotes and obtain the coverage that is right for you. Contact a Trusted Choice agent today.