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Easley Hedrick Insurance & Financial

6130 Mechanicsville Turnpike, Ste A
Mechanicsville, VA 23111

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Virginia Condo insurance coverage

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Condo Insurance in Virginia

Condominium insurance has some similar characteristics to homeowner’s insurance; however, there are also significant differences. Condominium insurance can be configured in many helpful variations. This insurance is available for new buyers and for those that already have a condominium insurance policy, which needs an upgrade, such as to cover a recent investment made in a renovation

Get a Quote for Condominium Insurance

Those considering buying a condominium need to get insurance to protect it. You should make an appointment with an insurance agent at Easley Hedrick Insurance & Financial, serving Richmond, VA and the nearby communities. An insurance agent will help you understand the distinctive needs for condominium insurance that apply to any condos that you are considering. This can be very useful, especially if there is more than one condo being considered for purchase.

Understanding Condominium and Condo-Building Insurance

Not all condominium properties are managed in the same way. Virginia law (Section 55-79.81) allows for the insurance of condominiums and condo buildings by the owner or and by the owner’s association. However, there is no insurance required by the laws in the state of Virginia.

This means there are significant differences between condo buildings and in the insurance coverage maintained by the building owners. These differences impact the insurance needs of the condominium owners in those buildings.

Here are some of the key considerations to discuss with your insurance agent:

  • Ownership Boundaries : Condominiums may share walls, ceilings, and floors with other condos. Condominium insurance coverage needs to delineate where boundaries of ownership are physically located clearly. Insurance needs to be analyzed regarding the responsibilities for damage that comes from a different condo unit, other than the one insured, or from other parts in the building.
  • Common Areas : Usually, but not always, the building owner or the owner’s association is responsible for insurance of the building and any common areas.
  • Parking : Insurance coverage needs to cover vehicles that are parked and provide liability for things that can happen in the parking space.
  • Storage : If there is a storage space that comes as a part of the condominium property but is not within the condo unit, there needs to be insurance in place for this storage space and the stored items.
  • Replacement Cost : Effective insurance covers the replacement cost of things that are damaged. This cost needs to be carefully monitored and adjusted over time as things change.
  • Personal Property : In addition to insuring the condominium, personal property insurance protects personal belongings.
  • Expenses : There is the possibility of having insurance that pays for temporary living expenses should a condominium be unlivable while it is being repaired.

Steps to Get a Condominium Insurance Quote

  • Obtain copies of all insurance policies from the building that relate in some way to your condominium. Forward a copy to your insurance agent for review.
  • Make an appointment with your insurance agent to talk in-person or on the telephone.
  • Have a list of your notes of concerns and things to discuss during the appointment.

Contact Easley Hedrick Insurance & Financial in Richmond, VA for all your condominium insurance needs.


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