Condo Insurance in Beaufort, NC, Morehead City, NC & Surrounding Areas

Condos can provide exciting and convenient living arrangements that allow owners and residents to enjoy many of the benefits of homeownership while often having fewer responsibilities toward the exterior elements of their property. Like any significant purchase, condos represent a major investment, and owners should implement appropriate financial precautions such as an adequate condo insurance policy.

How Condo Insurance Works

Also known as condominium insurance, condo insurance is a specialized type of property insurance for condominiums. These policies generally function similarly to standard homeowners insurance that might be purchased for a house and may share several characteristics with most renters insurance policies. While exact details of coverage may vary, condo insurance typically includes the following:

• Dwelling coverage—For condo owners, this is primarily focused on financially protecting upgrades or renovations made to a unit.
• Personal property coverage—Also known as condo contents insurance, this feature can help pay for losses involving a resident’s belongings, such as furniture and electronics.
• Personal liability coverage—This coverage, also known as condo liability insurance, can provide financial assistance if a policyholder or another insured is at fault for the losses of a third party, such as a guest’s injuries or a neighbor’s property damage.
• Loss-of-use coverage—If a covered incident forces a condo owner to vacate their home temporarily, this coverage may help pay for hotel stays, restaurant meals and other losses and expenses.

What Is the Difference Between HO-3 and HO-6?

There are several types of home insurance available on the market, with HO-3 policies being the most common. HO-3 policies are generally appropriate for single-family houses in which the policyholder resides and provide coverage for the home’s structure, contents and detached buildings on the property, while also including personal liability and loss-of-use coverage. Meanwhile, HO-6 policies are typically meant for condo owners and consist of similar protections other than coverage for the home’s exterior structure.

How Much Condo Insurance Do I Need?

A condo owner’s coverage needs may vary significantly even among those who live in the same area or appear to have similar characteristics. While this type of insurance is not generally required by law, condominium associations may require residents to carry a policy. Similarly, mortgage lenders may have requirements for those who have financed their condos.

Get the Right Coverage

Established in 1952, Willis Insurance has the knowledge and experience to help condo owners in Beaufort and Morehead understand and address their condo coverage needs. Contact us today to learn more about your options and get a personalized condo insurance quote.