Month: December 2024

When you own a condo, you don’t own every part of the building. There are some parts that you own, and there are some parts that the condo board owns. When you get your condo policy, it has to be for the specific areas that you own. When you own a condo and need to be insured, call us at Pikes Peak Insurance Agency in Falcon, CO.

Understanding Areas of Ownership in a Condo

Your condo insurance policy will outline the exact areas that you own. The condo board will own the outer area of the outer walls. Depending on your specific contract, you may own the area in between the inner and outer walls that have contact with the outside. In some condos, ownership only goes to the inner portion of those walls. Knowing exactly which you own and who will be responsible for which repairs is a good idea. Your condo policy doesn’t cover anything that the condo board owns, so you aren’t paying for more coverage than you need. All common areas are owned and insured by the board.

Types of Coverage in Condo Insurance

Your portions of the building are covered, but you also own everything inside. With condo insurance, you get protection for your belongings in case they are damaged or destroyed in a covered event. This coverage is important because it would cost a lot to replace everything. Condo insurance also comes with liability coverage. This protects you in case someone comes into your home and has an accident, causing injuries. Liability coverage can be expensive, and you need it to protect yourself financially.

Secure Your Condo Insurance with Pikes Peak Insurance Agency

It’s time to get condo insurance to ensure you have the necessary coverage. Call Pikes Peak Insurance Agency in Falcon, CO, to get started.