North Carolina Condominium Insurance Policy (HO6)

Many people are moving toward condominium living for the easy home maintenance and social atmosphere, making it a popular choice for residents throughout the state. Whether you live in Durham, Greensboro, Winston-Salem, Charlotte or any of the cities on the North Carolina coast, it is imperative that you have a policy that covers you in the event of a natural disaster. As a condominium owner, it is important to understand what is covered by your personal insurance policy and what the condominium association maintains. Make sure that you check your insurance limits before disaster strikes. At Heritage Casualty and Property, we will keep you up-to-date with local ordinances and laws to make sure your property is restored to its original form after an emergency.

The condominium association master policy, typically covers only the common areas of the building. Property damage or personal liability claims are covered when they are caused by accidents in swimming pools, community centers, elevators, and hallways. If someone who is in your condominium unit has an accident or suffers an injury, it would be your responsibility.

Items covered by the condominium association are outlined in their master policy. A thorough review of the master policy by a Heritage Property and Casualty agent will provide you with the information you need to obtain the proper amount of condominium insurance for your specific unit.

Personal Liability Insurance

Personal liability coverage is part of your condominium insurance HO6 policy. This part of your policy provides allowances for property damage and bodily injury to others. You may be held accountable for damages and medical payments if a guest in your unit is injured from a fall or other mishap. When these accidents occur on your property, you are legally responsible, even if you are not present. You may also be held liable for accidents occuring away from your property when they are caused by you or family members who live with you. Personal liability covers both your legal defense and damages if you are sued up to the limit of responsibility, as well as any necessary medical payments.

NC Condo Loss Assessment Coverage

Did you know that the condominium association master policy limits might cause problems for you and other tenants in the condo association? If excessive damage occurs to property grounds, you might be responsible for making up the difference. For example, if the master policy only provides for $500,000 in damage coverage, but over $750,000 in damage is caused to the building, you and each of your fellow condominium owners would have to make up the difference. These are the type of circumstances that you need to watch out for when applying for your North Carolina condominium insurance policy. Make sure you speak to your Heritage agent about the master association policy limits when getting your policy set up.

Personal Property and Valuables

Protecting your main dwelling is essential, but so is the replacement of your day to day items. Personal property coverage allows for the Actual Cash Value payment for clothing, household furnishings, and other personal property, up to specified limits, in the event of a covered disaster such as fire or a tornado. Having to purchase the contents of your home all over again is very costly, so be sure to inventory your belongings and maintain enough coverage for it to be truly effective. In addition to basic items, we also have additional coverage options available for increased limits on jewelry and fine art, as well as a replacement cost option on the personal property.

Permanently Attached Building Items Inside the Condominium Unit

Your Heritage condominium insurance policy (H06) provides coverage for structures which are permanently attached to your condominium, even if they are inside. This type of coverage could include items such as hardwood floors that the condominium association’s master policy would not cover. It is important to insure every aspect of your condominium, even if they are not considered your personal property.

Always Contact your Heritage Insurance Agent

Contact your insurance agent to determine the levels of coverage that are right for you and to learn more about our condominium insurance program. Get the peace of mind you need with a North Carolina condominium policy from Heritage Casualty and Property. By speaking with an agent today, we will provide you with the information you need to secure a policy that’s right for you and your family. If you should need to report a claim, we will be there for you 24 hours a day, seven days a week to process your claim quickly and efficiently.

This information is provided to you as an overview of our products and services. Consult your insurance agent to understand all of the provisions, limitations, and exclusions that are part of a standard condominium insurance policy.