Condominium living is a lifestyle all its own. Property owners say good-bye to lawn and exterior maintenance and hello to amenities and nearby neighbors. But insuring a condominium is different from insuring a single-family home. The agents at Kempton Insurance Group in North Carolina, South Carolina, and/or Virginia are experts in condominium coverage and will make sure your investment is protected.
The most important thing to understand about condo coverage is what is the responsibility of the Homeowner’s Association, HOA, and what is the responsibility of the owner of each unit. North Carolina law requires the HOA to have insurance coverage on the common areas that cover at least 80 percent of the replacement value of those spaces. Those common areas typically include hallways, elevators, community gathering spaces, and swimming pools.
You can rely on an agent with the Kempton Insurance Group to evaluate your personal situation when it comes to selecting the coverage for your condominium unit. That type of policy is called a HO-6 policy in North Carolina. This particular type of homeowner’s coverage insures the individual condo and its contents if damaged or destroyed by fire or other covered disasters. This policy also covers loss of use of the condominium as well as personal liability if someone is injured inside your unit. The HO-6 also covers any deductibles the HOA may have had to pay that are passed on to the homeowners.
Let the trusted advisors at Kempton Insurance Group tailor a policy to your individual situation and make recommendations of coverage amounts. Shoot our agents an email or give our office a call. Your condo is a significant investment, and we will guide you as you take steps to protect it.