Condo insurance in Sandpoint, ID, is considered essential for condo owners. It can provide financial protection in the event of a liability lawsuit. Some policies also cover personal belongings and appliances. However, it’s important to note that insurance policies don’t cover everything.
Covered Perils
For an insurance policy to apply, the damage must be caused by a covered peril. When it comes to damage to your belongings or parts of your property, such as the sidewalk, the event must fall under the list of covered incidents. Common covered events include:
- Fires
- Wind damage
- Lightning
- Vandalism
- Theft
Coverage for natural disasters depends on the insurance company and the specific policy. Be sure to consult an agent at Selkirk Insurance Services to understand what events are covered under your policy.
Routine Maintenance
Insurance policies typically do not cover routine maintenance. Standard wear and tear is not considered a covered event and is the responsibility of the condo owner. Preventive maintenance, such as removing a leaning tree to prevent future damage, is also generally excluded from coverage.
Master Condo Policy
The Condo Association or HOA usually maintains a master policy to address damage to shared areas, such as the roof or shared amenities like tennis courts. This policy follows the same guidelines regarding covered perils. For example, insurance will not cover the cost of maintaining amenities or replacing a roof unless a covered event, such as severe weather, causes the damage.
Condo owners typically share the cost of maintenance for common areas. The HOA may collect monthly fees to cover these expenses or request additional contributions from owners when necessary.
Understanding how your condo insurance policy works is crucial. Agents at Selkirk Insurance Services are here to help you learn more. Contact us today. We proudly serve the Sandpoint, ID, area and are ready to assist you with your insurance needs.
