Row of three story condos

New Jersey Condo Insurance - Plymouth Rock Assurance

Condo insurance in New Jersey can be a smart purchase that will help protect your investment against losses like theft, fire and other damages.

While a condo is certainly a type of home, it's significantly different from a single-family house, and, as a result, so are its insurance needs.

Condominium Insurance: What does it cover?

Just like any other homeowner’s policy, condominium insurance can provide important coverage options to protect owners from a variety of damages. They can include:

•    Dwelling coverage for property that is permanently installed but which is not covered by the homeowners’ association (HOA) policy.
•    Personal property coverage for items like furniture, clothing and electronics that are damaged or stolen.
•    Personal liability coverage if you're found legally responsible for an injury that occurs inside your unit, or to cover damages that occur to someone else’s property while inside your unit.
•    Loss of use coverage to help you pay for extra expenses you incur if damage to your unit makes it temporarily uninhabitable.
•    Medical coverage for people injured while in your condo.

You can adjust coverage amounts in each category based on your needs, budget and  comfort level. Additional coverage options, sometimes called riders or endorsements, can also be purchased to cover antiques, expensive jewelry and other items not typically included in an insurance policy.

Insuring your condo isn’t just a smart financial investment — if you're financing your purchase, your lender will most likely require you to have certain coverage amounts to offset their risk.

Doesn't the HOA insurance provide enough coverage?

No, although it’s a common misconception for people who invest in a condominium. The HOA policy and your policy are apples and oranges. HOA insurance policies are designed to cover the exterior areas of the building like the grounds, entryways, common areas and the building structure. Fees are used, in part, to cover the costs of insurance so all owners are protected equally. It does not cover losses that occur inside your unit as a result of negligence or other non-structural issues.

The HOA’s insurance won't provide you with protection for other losses, like water damage from a leaky dishwasher or injuries that occur when someone falls inside your apartment.

Call us at 833-857-5848, get a quote online or find a local agent to see how we can help you save on condominium insurance in New Jersey. For additional information, please visit our Contact Us page.