Many people have different questions about various topics, including insurance. Below are some of the most commonly asked questions regarding condo insurance. Carminucci Agency is happy to assist Croton Falls, NY area condo owners with this vital coverage.
Condo Insurance FAQs
What does a condo insurance policy cover?
There are different types of coverage you can get with your condo insurance policy. These coverage types include liability coverage, personal property coverage, building property protection, and loss assessment coverage. Liability coverage protects you from medical and legal costs if someone gets injured inside your condo. Personal property coverage covers your belongings if something happens to them, such as a fire or theft. Building property protection covers damage to the inner walls of the condo. Loss assessment coverage covers damage to the common areas of the condo community.
What is the right amount of coverage for my condo?
The right amount of coverage depends on what the HOA’s main policy covers. You need to have enough condo insurance to cover all your personal belongings and enough liability coverage in case something happens.
Is condo insurance tax deductible?
Most of the time, condo insurance is not tax-deductible, but there are some cases where it might be. If you work from home or rent out the property, you might qualify for a tax deduction.
How is condo insurance different from homeowner’s insurance?
Condo insurance has a few differences from home insurance. While home insurance covers inside and outside the property, condo insurance only covers what is inside the walls of the condo. This is because you only own the inside of the condo. Another difference is loss assessment coverage. Loss assessment coverage covers shared community areas of the complex. Home insurance doesn’t have that coverage because it is a single property instead of a shared complex.
Reach Out To Us
Stop by or contact us at Carminucci Agency in Croton Falls, NY. We are happy to assist with all your condo insurance needs.