Downtown Greenville has several beautiful condominium buildings that offer residents convenient access to shops and restaurants, nightlife, and nearby attractions, like Falls Park on the Reedy and the Swamp Rabbit Trail. From new developments, like the Terrace at Riverplace, to conversion projects, like the Lofts at Mills Mill, there’s a condo building to suit every taste and budget. If you’re looking to purchase a unit or already own a Greenville condo, do you have adequate condo insurance coverage?
South Carolina Condo and Co-Op Insurance Requirements
Just as with homeowners’ insurance, the state of South Carolina does not require the unit owners of co-ops or condominiums to carry insurance. However, it’s prudent to purchase this coverage to protect your personal property.
Since a condo is a communal living space, the condo association (or HOA) has an insurance policy that covers the building and common areas. If a fire sweeps through the building or vandals graffiti the place, the condo association’s policy covers these types of damages. However, the condo association’s policy will not cover any damage to your personal property. For example, if a thief breaks into your unit and steals your personal property or the fire destroys your furniture and other personal effects, the condo association’s policy will not cover the replacement of your items. To ensure your personal property is covered, you must purchase a separate condo owner’s insurance policy.
What Does Condo Insurance Cover?
Condo owners’ insurance coverage pays to restore or replace property damaged by the policy’s named perils including tornados, hail/wind damage, explosion, faulty plumbing, lightning, and theft. Covered property includes:
- Building Property: If you make improvements to your unit that are not covered by the condo association’s policy, your condo policy will cover the repair or replacement of these installations. For example, if you install new cabinets in your kitchen and these get destroyed by a tornado, your building property coverage will cover the damage.
- Personal Property: This coverage protects personal property like clothing and furniture.
- Loss of Use: If a tornado rips off the roof of your building making your unit uninhabitable, this coverage pays for your temporary living expenses to live elsewhere while the building is repaired.
- Loss Assessment: Unique to condo insurance policies, this type of coverage helps owners pay the fees from a special assessment by the condo association. For example, if the condo suffers major damage from a hailstorm and the condo association policy doesn’t fully cover the cost of replacing the roof, the condo association may levy a special assessment on all unit owners to cover the remaining cost. If you have loss assessment coverage on your condo owner policy, your insurance company will pay for your portion of the special assessment, up to your policy limit.
- Personal Liability: If you are sued by someone for bodily injury or property damage, your condo owner’s personal liability coverage will pay the settlement amounts plus legal fees up to your policy limit.
- Medical Payments: If someone is injured while in your condo, this coverage will pay for their related medical expenses. This coverage does not extend to you or anyone living in your home.
Condo Insurance Greenville SC
If you own a condo unit in Greenville, make sure your personal property is adequately protected with a condo insurance policy. Discuss coverage options with a licensed agent who can walk you through the standard coverages available for condo owners, as well as additional coverages that may apply. Fill out the quote form below, and a licensed Greenville insurance agent will be in touch with you to provide you with a customized insurance quote.