Month: October 2026

When you own a condo, having the right insurance can help you when things go wrong. Condo insurance can cover a range of perils including fire, smoke, lightning strike, theft, and vandalism. When a covered event occurs, condo insurance can make rebuilding and recovering more affordable and obtainable. The professionals at Carminucci Agency servicing Croton Falls, NY can help you choose a condo insurance policy that meets your needs. Our insurance experts can help answer your questions, so you can decide whether condo insurance is right for you. 

Condo Insurance Is Required by Mortgage Lenders

If you’re getting a mortgage to pay for your condo, you may be required to get condo insurance. Typical mortgage lenders require condo insurance until the condo is paid off. To find out whether your mortgage lender requires condo insurance, contact them. If it is a requirement, you’ll need to maintain a condo insurance policy for as long as you have a mortgage.

If you fail to renew your condo insurance policy, your mortgage lender may force you to pay for a policy that has been selected for you. This policy may cost more while providing less coverage. 

Condo Insurance Covers The Parts You’re Responsible For

You’re not responsible for your condo’s structural components. You own the parts of the condo you touch regularly: the floors, walls, and finishes. These are the parts your condo insurance provides coverage for. Other parts of the condo may be covered by the HOA master policy. 

The HOA Master Policy Doesn’t Cover What You Own 

Your HOA may have a master policy that provides coverage for the grounds where your condo is located as well as structural components that your condo policy doesn’t cover. You can’t rely on this policy to cover your personal belongings and property. That’s why you need condo insurance. The professionals at Carminucci Agency servicing Croton Falls, NY can help you get a condo insurance policy that meets your needs. Call today.