73 Cavalier Blvd
Florence, KY 41042
Condo insurance in the Northern Kentucky / Greater Cincinnati area differs from home insurance because there will already be a master insurance policy in place that is paid for by your Condominium Homeowners Association (HOA). Since the ownership of common areas is shared with other condo owners, the association will cover these common areas. There are three basic types of coverage under the master policy. It will cover the common areas and primary buildings, your unit and items in the unit other than belongings, the building itself, and any fixtures. Coverage will vary depending on the policy. Understanding your master policy is the first step in getting additional coverage to protect yourself. An agent at Budget Guard Insurance can help you get the right coverage based on your master policy. It’s also important to know the master association's deductible because condo owners could be charged a portion of the deductible if there is an accident. It can represent a financial commitment. There will be other choices you have to make that are like any other homeowner about whether you want additional coverage for your belongings or if you think flood insurance is necessary. Floods and earthquakes aren’t covered under condo policies, just as they aren’t under home policies.
Condo insurance will make up the difference for what the master policy doesn’t cover. It will provide coverage for your personal property. You can elect to get full value personal property coverage, which will mean that you will get reimbursed the full replacement value without deprecation after a covered loss. If you have hardwood floors or upgraded cabinets, then your policy can cover these if the association policy will not cover them. Condo insurance will also cover you and your family members against property damage liability and bodily injury claims and the litigation that can result. You can also have medical payments coverage, which can cover medical expenses for visitors injured at your condo, regardless of who is at fault.
Contact Budget Guard Insurance, serving the Northern Kentucky / Greater Cincinnati area, to get a quote for condo insurance.