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Condo Insurance in Pennsylvania
Condo owners in Pennsylvania are required to have insurance. Condominium insurance is unique in nature. It covers liability and personal property including any additions, improvements, and alterations made to the condo based on the condo association agreement.
Condo owners automatically become members of the association and even pay a monthly assessment fee for the association to take care of basic things like landscaping and general property maintenance.
What it covers
By getting condo insurance, there is assured reimbursement for the full replacement value without considering depreciation after covered losses.
The association must determine if the costs are covered for the upgrades to the home and what the owner is liable for. If common areas are damaged, the association might find the cost of the assessment and pay it under the policy. However, the agreement defines the limits of the loss assessment coverage.
The condo policy will also protect occupants and guests against personal bodily injury and any property damage liability claims. It includes any legal expenses subject to the limits chosen. There is medical payment coverage that will cater for any medical bills incurred by guests who get injured at the condo residence regardless of who is at fault.
The insurance policy also covers additional living expenses that occur due to covered losses that make the condo uninhabitable meaning it will cover hotel bills and other charges.
Most condo owners often supplement their policy with personal umbrella liability insurance to broaden the protection range. Others also get additional property policies if they have valuable items that are kept in the condo.
When getting condo insurance, check the limits and get additional insurance coverage if needed to ensure there is total protection. This can be obtained at The Shay Agency in Wilkes-Barre, PA. Visit us at our offices or call to get more information on the condo policies.