Category: Condo Insurance

Condo Insurance and Parties: What You Need to Know

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Hosting a party in a condo in Scotia, NY, can be a fun way to gather with friends and family. However, it’s important to understand how condo insurance works when it comes to such events. Condo insurance covers your personal belongings, liability, and sometimes the interior of your unit, which can be critical if things go wrong during a party.

Liability Coverage

If a guest is injured during your party—whether they slip, fall, or suffer another type of injury—your liability coverage can help cover medical expenses and legal fees if you are sued. Without sufficient coverage, you may be personally responsible for these costs. It’s important to check the limits of your policy to ensure you have enough liability protection, especially if you’re hosting a large gathering.

Property Damage

Accidents can happen during parties, including property damage. Whether it’s a broken window, damaged furniture, or spills that ruin the flooring, condo insurance may cover the costs to repair or replace damaged items. However, it’s crucial to understand what your policy covers and what may be excluded. For instance, intentional damage or negligence might not be covered, so it’s essential to act responsibly as a host.

Association Rules and Common Areas

Many condo associations have rules about parties, noise levels, and the use of common areas. Violating these rules can result in fines or penalties, and your insurance may not cover any related costs. Always review your association’s guidelines before hosting a party to avoid any issues arising from noise complaints or misuse of shared spaces.

Rowledge & Falvo Insurance Agency Explains Everything Concerning Insurance

Rowledge & Falvo Insurance Agency is here to answer all your insurance questions. We serve Scotia, NY, and surrounding cities. Contact us today.

Three Types of Protection in Condo Insurance Policies

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Condo insurance works very much like home insurance, but there are distinct differences. A condo generally doesn’t come with an outdoor space, and the owner doesn’t own the entire building. Condo insurance is explicitly written for condos, so you aren’t insuring any areas you don’t need to. When you buy a condo or want to change your existing condo insurance, call us at Rowledge & Falvo Insurance Agency in Scotia, NY, to discuss a condo policy. 

Dwelling Protection

The insurance needs of a condo owner are unique. They don’t own the whole building, and they don’t own the outside walls of their dwelling. The policy will include only the specific areas that you own. The condo board already insures everything else, and you don’t have to pay for covering those areas. This is protection against damaging events, such as certain disasters and calamities, that can cause the condo to need repairs. 

Belongings Protection

You have a lot invested in your condo and in the other things you own. Your condo insurance can cover anything in your condo against certain risks. For example, a damaging incident that destroys your belongings can be covered, and the policy will pay to have those things replaced. 

Liability Protection

This type of coverage protects you in case someone gets injured while they’re inside your condo. When this happens to a third party, you’re responsible for the medical bills that become due. When you have condo insurance, it pays those bills plus other costs like legal bills and lost wages. 

Get Condo Insurance 

Going without condo insurance is never a good idea, and your condo board will require it. Call us at Rowledge & Falvo Insurance Agency in Scotia, NY to get started. 

Differences between home insurance and condo insurance

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You may think of a home and a condo as the same thing, but in terms of insurance, they are quite different. One way they are the same is that both require that you have the right insurance to make sure that you are protected. In Scotia, NY at the Rowledge & Falvo Insurance Agency, we are independent insurance agents, and we know that we work for you, our customers. 

Master policy

The major difference between a freestanding home and a condo in terms of insurance is that, with a condo, the condo association has a master policy. This master policy covers the exterior of the building and the common areas. What this means to you as a condo owner is that if the roof fails, you are not responsible for replacing it. If someone is injured in the parking lot or at the pool, your liability insurance does not have to cover it. These are the responsibility of the condo association. 

How far the master policy covers the exterior of your condo is where this gets a little confusing. It can be all the way in or just the exterior walls. It is important that you know what coverage you need to add on your own, so read your covenant and make sure your insurance agent knows what it says as well. 

When it comes to content insurance, the type of master policy also plays a role. It will determine if you or the condo association are responsible for things like the fixtures and the kitchen cabinets. 

Loss of use coverage is the same whether it is a house or a condo. 

Consult With Us

Contact Rowledge & Falvo Insurance Agency in Scotia, NY on the telephone, with an email, or in person to make an appointment to sit down with one of our experienced agents. 

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