Condo Insurance in Michigan

Condo ownership has many great perks. Lawn care, taxes, maintenance, and other expenses are not a worry for a condo owner. You may be thinking that insurance is also something you do not need to worry about because your condo has an HOA insurance policy. This is a misunderstanding that many people have. At North Coast Insurance Services, we like to keep customers in the know about important insurance topics. Keep reading to learn about condo insurance in Troy and Lexington, MI, and how it can affect you.

What Kind of Insurance Do I Need?

Most condos in Michigan will have an HOA policy in place. This policy is primarily used to cover the exterior of the buildings as well as common areas. These areas can include pools, lobbies, exercise rooms, and laundry areas. This type of policy protects the condo owners if someone is injured in these areas. This type of policy has nothing to do with the interior of your condo. You should check with your HOA to determine if the policy covers fixtures inside your condo such as light and water fixtures and countertops.

For protection to the interior of your condo, you will need condo insurance. Most condo insurance policies will cover the interior of your condo against damage. This is much like a traditional homeowner's insurance policy. Policies also protect your personal belongings against damage and theft. It is vital to note that the HOA policy will not protect your personal belongings and may or may not protect parts of the interior of your condo.

If you have other structures on the condo property, such as a storage shed, these structures will need to be insured as well. They will not be protected under the HOA policy.

Condo ownership can be a great, stress-free lifestyle. If you have questions about condo insurance, please contact our friendly staff at North Coast Insurance Services, now serving Troy, Lexington, MI, and surrounding areas in Michigan.