HOME SELLING SHOULD NOT BE HARD or EXPENSIVE. START WITH A CASH OFFER.

Market Trends

Recent Posts

blog image

Determining Your Condo Insurance Needs

February 03, 20232 min read

Determining Your Condo Insurance Needs

Buying a condominium can be a smart start to being a homebuyer, without many of the maintenance hassles of owning a detached home.

Insurance through the homeowner association, or HOA, covers some areas of the complex, though each homeowner must have their own insurance to cover certain parts of their property and their belongings.

Here’s a breakdown of how condo insurance works:

Group insurance: Condo association insurance usually covers common areas, such as a pool, lawn and building exteriors.

This insurance is called the “master policy” and doesn’t include what’s inside your condo unit — such as a break-in, water damage to your kitchen walls, or someone slipping on your wet bathroom floor.

Condo unit insurance: Everything inside the walls, such as the plumbing and electrical wiring, is covered by your individual insurance policy, though some master policies may cover from the paint on the inside of your unit to the outside walls.

An individual homeowner’s insurance policy will also cover your belongings that you keep inside your condo, along with any fixtures or improvements you make to your unit.

When valuing your possessions, consider the replacement cost in today’s dollars for new items, not what they originally cost. Some policies only reimburse for actual cash value, which is the depreciated value, and not the total replacement costs.

Insurance coverage for personal belongings and the physical building typically range from $25,000 to $100,000, with premiums at $400 to $600 per year. Owning artwork or other collectibles could require additional coverage.

Liability coverage included in condo insurance will typically cost $20 a year for $300,000 in liability coverage.

Loss-assessment insurance: This covers insurance expenses not covered by the condo association, or in excess of the group coverage. You may need it if the condo association insurance doesn’t cover a major repair and the HOA doesn’t have enough money to pay for the repair. Instead of paying extra for the fixes, your loss-assessment coverage would cover you.

Loss of use: This type of insurance pays for a place for you to stay if your unit is totaled or severely damaged by a tornado or some other disaster. Coverage may be limited to a dollar value or your actual costs for a specified time.

When determining how much insurance you need for your condo, start with your condo associations’ master policy and then fill in the holes from there. This real estate information will help ensure your investment and your belongings are well protected.

Back to Blog

New Jersey & Pennsylvania Real Estate


Welcome to
TruViewRealty.com, your one-stop source for New Jersey and Pennsylvania real estate.

Use our state-of-the-art property search, including an interactive map search , to find homes for sale in New Jersey and Pennsylvania. These listings are updated daily from the MLS.

Or, use our Community Guide to help you in your search for New Jersey and Pennsylvania real estate listings. Our community searches will keep you up to date with the latest properties in the areas you are interested in.

And, for your convenience, be sure to register for a free account to receive email notifications whenever new homes for sale come on the market that match your specific criteria, and save your favorite properties for quick and easy access whenever you need — it's fast, easy, automatic and FREE! With a Property Tracker account, you'll be among the first to know about the newest homes for sale in New Jersey and Pennsylvania.

Thanks for visiting TruViewRealty.com, home of exquisite properties and excellent service.


The information being provided by Bright MLS is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the Bright MLS. TruView Realty is not a Multiple Listing Service (MLS), nor does it offer MLS access. This website is a service of TruView Realty, a broker participant of Bright MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site.

The accuracy of all information, regardless of source, including but not limited to open house information, square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by Bright MLS and is protected by all applicable copyright laws. Any unauthorized dissemination of this information is in violation of copyright laws and is strictly prohibited.

Copyright 2022 Bright MLS. All rights reserved.

Office:

TruView Realty

103 Laurelbrook Rd

Cherry Hill, NJ 08034

Call:

(856) 878-2800

Email:

Erik@TruViewRealty.email

Site:

www.TruViewRealty.com

Copyright 2022 . All rights reserved