Investing in a condo is similar to owning a home, but will require different types of insurance based on the level of protection and coverage you’re seeking. Understanding what condo insurance doesn’t cover is highly recommended anytime you’re making a new investment. If you’re interested in learning more about your existing condo insurance policy and what is not covered, Birmingham Insurance Agency LLC is here to help. If you’re located in or near Birmingham, AL, and you’re a condo owner, we’re here for you.

Flood and Earthquake Damage

Similar to a traditional homeowners policy, condo insurance does not protect against flooding and earthquake damage. If you live in a high-risk area, it’s highly recommended to consider an add-on for both flood and earthquake protection. Working with an agency is a way to determine which policies are best for your needs, especially if you’re unsure of where to begin.

Damage Covered by the HOA’s Master Policy

In most instances, your condo association’s master policy will cover the building’s exterior, common areas, and sometimes parts of the structure inside of your unit. What is covered may vary, which is why working with an agency is highly advisable. Condo insurance does not cover traditional wear and tear or maintenance issues, which may require additional add-ons. Also, it’s important to note that traditional condo insurance does not cover sewer or drain backups, which can cause significant damage to your property.

Knowing what’s covered and not covered as a condo owner is essential anytime you’re investing in a condo of your own. Even if you’re a new condo owner, knowing what’s not covered can help you fill coverage gaps with add-ons. To learn more about condo insurance that is right for you in or near Birmingham, AL, contact Birmingham Insurance Agency LLC today for your quote and consultation.