Condo Insurance Myths

There are plenty of condo insurance myths in Hilton Head Island, SC, but believing them can mean you may not have the right amount of coverage.

You don’t need insurance because your association has it.

The condo association coverage will only cover the building and common areas. In order to be covered for liability, living expenses if you have to relocate due to a disaster, or your belongings, you need proper condo insurance for yourself.

You don’t need condo insurance since it will only protect your stuff.

Condo insurance protects more than just belongings in the home. Condo insurance policies also come with liability coverage and can help cover improvements you have made to the unit.

Upgrades are automatically covered.

If you add upgrades to your condo, such as granite countertops, they aren’t covered unless you let your insurer know. Premiums will need to be adjusted in order to make sure there is adequate coverage.

Condo insurance is mandatory.

It’s not mandatory at a government level, but that doesn’t mean you should go without it. Your lender may require you to have condo insurance. Having condo insurance will give you peace of mind you want as well.

Earthquakes and floods are covered.

Condo insurance, just like home insurance, isn’t likely to cover floods or earthquakes. In order to have coverage for these disasters, you will need separate policies.

Items destroyed or damaged will be replaced with new ones.

Depending on the type of policy you have, you may not get full coverage for your belongings. Understand your policy with Premier Insurance Advisors, in order to know if the money you receive after a claim will factor in depreciation. Some items may not be covered and, if you have expensive jewelry or artwork, you will need to have more insurance.

Contact Premier Insurance Advisors, serving Hilton Head Island, SC, to get a quote on condo insurance.