Owning a condo in Minnesota entails understanding the intricacies of condo insurance. SouthPoint Insurance Agency, LLC often receives questions regarding the extent of coverage offered by condo insurance, specifically about improvements and upgrades homeowners might make to their units. In this article, we delve into how insurance for a condo operates in such contexts.
Master Policy Vs Personal Condo Insurance
In the world of condos, there are two policies to consider: the master policy provided by your Condo Association and your individual condo insurance. The master policy typically covers the building and common areas. Your individual condo insurance, on the other hand, usually covers the interior of your unit as well as your personal belongings.
Policy and Improvements
When it comes to improvements and upgrades, such as a kitchen renovation or installing hard-wood floors, it’s your individual condo insurance that comes into play. An increase in value due to upgrades could necessitate an increase in the amount of your condo insurance to cover these improvements.
How Much Coverage Do You Need?
Determining how much coverage you need can indeed be a challenge. It’s always advisable to conduct a home inventory and estimate the cost of replacing personal belongings as well as any upgrades you’ve made.
You’re Not Alone
At SouthPoint Insurance Agency, LLC, we are committed to helping you navigate through the complexities of insurance coverage. Our expert agents are ready to help review your policy and ensure your Minnesota condo upgrades and improvements are sufficiently covered. Reach out to us today to get started.
