How Does Condo Insurance Work?

Most condo owners in Oviedo, FL, would like to protect their homes against various risks but are unsure how condo insurance works. A policy seeker may be wondering where to start, especially if it is the first time purchasing condo insurance. To help you with this challenge, The Wurzel Agency explains how different condo coverages work.

Building Property Coverage

This type of coverage offers protection to your condo’s interior against risks like theft, fire, and vandalism. Some of the items protected include fixtures like the interior walls, cabinets, sinks, and floors. If any of the covered risks affect the interior of your condo, the insurance company helps pay for the replacement or repair costs of those items.

Content Coverage

When perils like thefts, fire, and storms damage your property, contents coverage helps take care of the repair or replacement costs. Some of the items covered under this policy include electronics, clothes, and furniture.

Liability Coverage

When a guest gets injured at your condo or their property gets damaged, they may choose to sue you. This type of coverage helps cover legal fees, medical bills, and repair or replacement costs resulting from damages caused.

Loss of Use Coverage

If you can no longer stay in your condo due to damages caused by a covered peril, loss of use coverage can compensate you for the additional living expenses. This includes the cost of temporary accommodation, your meals and transport costs.

Loss Assessment Coverage

Condo owners also need to understand what is covered by their condo association’s insurance policy, which may be referred to as a master policy. A master policy covers common areas like the roof and the boiler room. If any of those areas are damaged, this policy helps cover the repair or replacement cost.

If you are interested in buying condo insurance in Oviedo, FL to protect your investment, reach out to The Wurzel Agency today. Our agents are ready to take you through various coverage options and help you choose the right policy.

Does My Condo Insurance Cover Slip and Fall Liability?

Condo owners who live in Oviedo, FL often have questions about their liability coverage, especially when it comes to slip and fall accidents. The Wurzel Agency offers condo insurance that includes various types of liability coverage. Each agent is well-versed in each type of insurance coverage they offer and can answer your questions about where your liability begins and where it ends in relation to the rest of the property.

Know Your Boundaries

A condo is owned by the resident but is often attached to a larger property. This means that there are boundaries on the exterior of the property that separates your property from that of the complex. It’s essential that you know where these boundaries are in case a slip and fall accident occurs. If the accident occurs within the boundary, then you will be responsible for the injured party’s medical bills. If the accident occurred outside of that boundary, then the obligation of care falls on the owner of the property.

General Liability

Condo insurance includes general liability that will cover a variety of accidents that may occur inside your home. This includes slip and fall accidents as well as many other types of injuries. Your agent can go over what general liability means and what it covers in terms of your condo policy.

At The Wurzel Agency, each agent is dedicated to providing the residents of Oviedo, FL the best possible service when it comes to meeting all of their insurance needs. Schedule an appointment with one of the agents today so that you can find out what type of liability coverage you have for your condo. Don’t take chances! Know what your policy includes!

How is condo insurance different from home insurance?

Owning a condo in Oviedo, FL puts you in the perfect place to enjoy Central Florida. Located just 35 miles northeast of Disney World and 30 miles from sandy Atlantic beaches, you have an ideal location. But, like owning any home, a condo in Oviedo comes with plenty of worry and things that you need to care for. Condo insurance may be something that you know little about, and how it is different from home insurance may be confusing. The knowledgeable agents at The Wurzel Agency are ready and able to answer any questions that you may have. 

The significant difference between home insurance and condo insurance is that home insurance includes the entire home, inside and out. Home insurance covers the main structure, exterior attachments like a garage or deck, and also any other structures in your yard such as a shed, detached garage, or casita. When you own a condo, the condo association will have a master policy that covers the exterior of the building. This includes the roof, walkways, common areas like a pool or a gym, and the parking lot. They repair or replace wear and tear and also damage caused by covered perils. Their insurance, however, does not cover the interior of your unit. 

Condo insurance covers your personal property and also offers liability coverage. With a quality condo policy, you will also be covered for loss of use if the condo is damaged so severely that it is not habitable. It will pay for you to stay somewhere else until your unit gets the okay for you to move back in.

If you are a new condo owner or are considering changing your condo insurance coverage, The Wurzel Agency in Oviedo, FL is happy to talk to you about the perfect coverage for your unit.