Condo Insurance in North Carolina
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Condo Insurance in North Carolina
What is condo insurance?
Condominiums need many of the same coverages that standard homeowners insurance policies have, but also some specialized coverages and terms. North Carolina condominium owners will likely find condo insurance provides the coverages that their condos require.
Condo insurance is a type of homeowners insurance specifically designed for condominium units. A policy will usually cover the unit, the owner, and the owner’s belongings.
Who in North Carolina needs to carry condominium insurance?
Anyone with a condo in North Carolina likely needs condominium insurance. Coverage is highly recommended, and often required by lenders and association bylaws.
Lenders might require certain coverages so that their financial interest in a mortgaged unit is protected. They’re primarily concerned with potential damage that the unit could sustain.
Condominium associations might require certain coverages to help ensure that a unit can be rebuilt if something happens. Not rebuilding the interior of a unit could negatively affect other owners in the community.
Can condominium insurance be used to insure townhouses?
Yes, condominium insurance is often able to insure townhouses. It might also be a good choice for cooperative housing, and other attached residences.
An insurance agent who’s familiar with condominium policies will be able to confirm that a particular one is able to cover a townhouse.
What coverages do condominium policies provide?
Condominium policies typically provide several different coverages, which offer a range of protections. Some common ones include:
- Structural Coverage: May protect the condo unit itself against damage, mainly insuring the interior of the unit.
- Personal Property Coverage: May protect personal belongings, possibly including when belongings are in the unit, in an on-site storage area, or elsewhere.
- Personal Liability Coverage: May protect against various liability lawsuits that could be filed against the owner.
- Loss Assessment Coverage: May protect against special assessments that the association could levy after a major disaster or lawsuit.
What structural coverage option should condominium owners choose?
The structural coverage component of a condominium policy can provide a few different levels of protection. The three main options are:
- Bare Walls-In: Usually insures just the walls and essential systems (e.g. plumbing and electric).
- Single Entity: Usually adds on protection for standard features that were originally in a unit.
- Modified Single Entity: Usually adds on protection for upgraded features that might be in a unit (also called All-In).
Which of these options condominium owners should select depends both on their coverage needs, and what protections are afforded by the condominium association’s insurance. An agent who specializes in condominium insurance can help determine which of these options should be chosen for a particular condominium.
What abbreviation is used for condominium policies?
Insurance companies regularly use abbreviations to denote different types of homeowners policies, including condominium policies. A few of the abbreviations used for condominium policies are:
- HO-6: Normally the main designation for a standard condominium policy.
- HO-32: Normally extends the perils that a condominium policy protects against.
- HO-33: Normally for condominium units that are leased to tenants.
- HO-35: Normally adds on loss assessment coverage.
What is a condominium policy’s loss assessment coverage?
Loss assessment coverage is a common feature of condominium policies, but not found in most other types of homeowners policies.
The purpose of loss assessment coverage is generally to protect against major special assessments that a condo owner might have to pay. If there’s major damage to a common area or a major lawsuit filed against a condominium association, the association might levy a large special assessment on each unit owner. Loss assessment coverage may pay such an assessment.
Loss assessment coverage normally won’t pay any special assessments that are used to make capital improvements. It may cover large assessments if disaster strikes, though.
Where can condominium owners in North Carolina find condo insurance?
If you need to insure a condominium that’s in North Carolina, contact the independent insurance agents at Laurie Insurance Group. Our agents have helped many condo owners, and we’ll make sure you find condo insurance that’ll protect your unit well.
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