North Carolina Condo Insurance Coverage

Condo Insurance

Condo Insurance

Many cities are removing older, dilapidated buildings to pave the way for an influx of people moving to the city. In their places, developers are building condos to maximize the number of properties they can sell with a given amount of space. Condo life mixes many of the perks of owning your property (wherein your value appreciates over time) with perks of apartment life (such as lawn maintenance). Coastal Shield Insurance can help North Carolina residents make sure they have adequate coverage for their living needs.

North Carolina Condo Insurance Laws

Though HOAs of condominiums may be required to carry insurance, the laws do not require the owners of individual units to be covered. However, this does not mean that mortgage lenders or HOAs may not require it for doing business with them.

Liability Reality

Everyone assumes that they are fine for so long as they don’t start their own kitchen fire. Unfortunately, your next-door neighbor might not be so careful. Many avoid paying insurance under the assumption that just because the damage was someone else’s fault, that party will have to pay for it. This may be correct, but actually seeing that money is another story.

Using the neighbor's kitchen fire example, it is likely that a court would agree that the neighbor would have to pay. If they also chose not to get insurance, you are at the mercy of them having the money to pay for it, as well as their willingness to cooperate.

Protect Your Investments

The right policy can protect your home from someone else’s bad cooking. The most common coverages include:

  • Dwelling: This coverage pertains to the actual structure of the home
  • Personal property: This coverage pertains to the possessions within the home
  • Other structures: This coverage pertains to property that is separate from the home, such as sheds

Don’t let a mistake that you may have had no control over make you start from scratch. Let the Coastal Shield Insurance professionals serving the North Carolina area put together a policy that addresses exactly what you need.

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