Condo Insurance

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Serving PA, MD, VA, OH, NJ, and CT

Purchasing and living in a condominium makes home ownership simpler and often is a good choice for busy people or those looking for less responsibility at home. There are many advantages to owning a condo unit: no grass to mow, no shrubs to prune, no exterior maintenance, no snow to shovel in the winter.

Now, have you looked at the rest of the story? There are many things that you need to be aware of and consider when owning a condo. What are your responsibilities? What are you responsible for inside your unit? What are you responsible for to the Condo Association? What are you responsible for to the other condo unit owners? How much insurance do you need? What insurance does the Condo Association have?

What Do I Need To Know About Condominium Insurance?

Let’s just take these one at a time.

What are you responsible for in your unit? This is one time it is important to read your documents and make sure you understand them. These documents describe the boundaries of your unit. You will be responsible for everything inside those boundaries. Now read the document further. You may be responsible for plumbing outside of your unit. In some cases you may be responsible for plumbing from the main water line at the street to your unit. Read the documents and ask questions. Contact Hornafius Insurance Agency Inc, your local Condo Insurance experts, to Request a Free Quote today!

What are you responsible for, to the Condo Association?

You will be responsible to pay the Condo Association fees on time. These fees go into a reserve account to pay the expenses of the Condo Association. If at any time the reserve account doesn’t cover expenses, you will be responsible to pay for an assessment. This is why it is so important that the board of the Condo Association develops an accurate annual budget. In addition they should contract the service of professionals to review the reserve account. This would include an inspection of the physical property and assess future maintenance needs. It the roof wears out, there should be adequate reserve funds to cover the cost of replacing the roof.

What are you responsible for to the other condo unit owners?

You are a member of your Condo Association. All members are responsible to meet their financial obligations and also to maintain the integrity of the association both inside and outside their unit.

What do the Condo Association fees cover?

Be sure you receive a copy of the Condo Association budget and review the expense items. This should be done annually. This is another time that you must read the documents and ask questions.

How much insurance do you need?

If there would be a major loss to your unit, you should have enough insurance to replace the part of the building contained within the boundary of your unit including any improvements that are needed. Your insurance should cover the cost of replacing your personal contents like furniture and clothing. It should also cover any assessment due to a covered cause of loss, such as a fire.

What insurance does the Condo Association have? How much insurance do they have?

The Condo Association will be required to carry insurance on the common building structures. This could include such items as garages, pavilions, fences, and community facilities.

Many states have laws that govern condominium associations. Laws in each state vary. Please check the law in your state.

Call Hornafius Insurance Agency at (717) 367-5126 for more information on Condo Insurance in Elizabethtown and all of Pennsylvania.