Having condo insurance can be helpful in times of need, but before you jump into conclusions that this is a solution to any damage or disaster, you might want to think twice. There are several things that are not covered under the condo insurance policies, and knowing what they are helps you prepare other alternatives for the misfortune that can happen with the things not covered under the policies.
To start off with the simpler part of it, certain parts of the condo are not covered by the insurance. These are typically high risk areas where traffic is common or is exposed to the harsh weather, such as halls, stairways and exterior walls. Such areas are usually covered by the condo association or the insurance policy of the building, so it is not part of your responsibility. Things like the standard fixtures are also covered by the building insurance policy, and the original structure or walls are covered by condo association policy (changes made to them will be your responsibility), so they are usually not covered under the condo insurance. Knowing which is covered allows you to obtain the right amount of coverage.
Expensive items like jewelry, electronics and art pieces are not covered unless you purchase a special premium insurance which is known as a floater. Typically with the floater, anything that is declared to carry the value of above $1,000 will be protected.
Other than that, damage to floors and water backup is not covered by the condo insurance policies, but are listed under extra types of coverage that you may be interested in. This allows you to make add coverage where you think is necessary. On the other hand, natural disasters like earthquake are not covered by condo insurance, although there are such separate insurance available for areas with active seismic activity. With the knowledge of what you would not be covered for, you can then look for alternatives to get them covered.
Chris is the writer of this article, you can visit us for more information on condo insurance policies and condominium insurance rates. Visit to read more detail.
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