When living in a condominium in the Mechanicsburg, PA area, it’s essential to understand the difference between unit policies and a master condo policy. Unit policies, like those from Grove Financial & Associates Inc, apply to individual units in the building and may differ from one unit to the next. If you rent a condo, they are typically outlined in the lease or rental agreement you sign with your landlord or management company.
A master condo policy applies to all of the units in the building and common areas such as lobbies, hallways, and outdoor recreational areas. The master policy outlines rules that must be followed by all tenants and are usually set forth by the condo board or homeowners association.
It’s important to familiarize yourself with both types of policies to ensure that you remain compliant while living in your condominium. Following unit policies will help protect your rights as a tenant while adhering to a master condo policy ensures that everyone in the building follows the same rules and regulations. This helps create an atmosphere of respect, safety, and harmony within your condo community.
For more information, or if you want to find a policy that suits your needs, call us today. At Grove Financial & Associates Inc, we work with both condo associations and individual owners. We are happy to help Mechanicsburg, PA area condo owners, renters, and management companies find the policies they need to suit their individual needs and their budgets. So do not delay! Give us a call today!
Condominium owners and renters face the same risks as other homeowners, which is why condo insurance and renters insurance exist. However, many people in Mechanicsburg, PA, who need condo insurance or renters insurance usually pick the wrong one because they don’t know the differences between them. Let Grove Financial & Associates Inc. clarify the differences for you.
1. Who Needs Condo Insurance vs. Renters Insurance?
If you own a condominium, you need condo insurance. There are two types of condo insurance, the master policy and the personal condo insurance. The master policy is a condo insurance policy covering the entire condominium complex and is usually taken by the condo association. All the condo owners in the association contribute towards paying the master policy premiums. A condo owner takes the personal condo insurance for their condo unit, and only they pay the premiums on the policy. In contrast, renters insurance is purchased by the tenant renting the condo unit as an apartment.
2. What Does Condo Insurance vs. Renters Insurance Cover?
Master policy condo insurance paid for by the condo association covers the damage to the building, including its structure, exterior, and shared spaces like elevators and common areas. It also covers shares parts of utilities such as electrical connection and plumbing. A personal condo policy will cover damage to the condo that affects the space inside and isn’t owned by the tenant. A renters insurance covers the personal belongs of the tenant living in the apartment.
Are Condo Insurance and Renters Insurance a Requirement?
When purchasing a condo, most condo associations will ask you to pay for a master policy, just like every other condo owner. They might also ask you to get personal condo insurance, and most banks ask for this policy before approving mortgages. Purchasing renter’s insurance is usually the tenant’s choice, but some condo owners have made it a renting requirement.
Do you need condo insurance or renters insurance in Mechanicsburg, PA? Contact Grove Financial & Associates Inc. today.
You have just purchased a fantastic condo, and it is one of the most significant investments that you will make in your lifetime. You need to obtain condo insurance to protect your investment in your new home, but what exactly does condo insurance cover?
Condo insurance typically includes standard coverages to help protect you and your condominium unit, as well as your personal belongings and household goods.
Personal Liability Coverage
This type of coverage is great to have, especially if a guest who is visiting you at your condo is accidentally injured, and it is deemed to be your fault. Your condo insurance policy will help you pay your legal fees and the medical bills of the guest who was injured.
Building Property Protection
If a fire or other disaster destroys your condo, this part of your policy will pay to repair damages to the walls of your condo as well as the interior, including fixtures.
Personal Property Coverage
Personal property coverage will help you replace or repair items, such as your furniture, electronics, clothing, and other items if they are stolen or damaged in some way that is covered under your policy.
In addition to the standard condo insurance coverages, there are more coverage options you can choose from to add to your policy.
Flood insurance may be in order if you live an area of Pennsylvania that flooding occurs often. This coverage will repair or replace items lost due to flooding. You can also opt for an umbrella insurance policy that will pay for damages you incur in a court case or even if you are sued for libel or slander.
To create the best condo insurance policy for you and your situation, you will need to enlist an insurance agent who is experienced and skilled in condo insurance. The agents at Grove Financial & Associates Inc. in Mechanicsburg, PA are ready to create your condo insurance policy today!