Condo insurance is a valuable tool for protecting your unit and belongings, but it’s important to know that it doesn’t cover everything. Understanding the exclusions in your policy can help you avoid surprises when filing a claim. If you’re a condo owner in Waldorf, MD, Trevant Insurance Agency is here to help you navigate these limitations and find solutions for coverage gaps.
Common Condo Insurance Exclusions
While condo insurance provides coverage for your personal property, liability, and the interior of your unit, there are exclusions to be aware of. For example, flood damage is typically not covered under standard condo insurance policies. If your unit is affected by rising water, you’ll need a separate flood insurance policy. Additionally, wear-and-tear, maintenance issues, and damage caused by pests are excluded from coverage.
What About Your HOA Policy?
Many condo owners assume their HOA’s master policy will cover everything, but that’s not the case. HOA policies usually cover the building’s exterior and shared spaces, leaving the interior of your unit and your personal belongings up to you. Trevant Insurance Agency can help Waldorf, MD residents understand the difference between their HOA policy and their condo insurance.
Filling the Gaps
If your condo insurance doesn’t cover certain risks, there are ways to address these gaps. For instance, flood insurance can protect your unit from water damage, while a home warranty can help with maintenance-related issues. By combining policies, you can create a more comprehensive plan that meets your needs.
Condo insurance is an important part of protecting your home, but it’s not all-inclusive. Knowing what’s excluded can help you make informed decisions about additional coverage. Contact Trevant Insurance Agency today to learn more about condo insurance options in Waldorf, MD and how to fill the gaps in your policy.
