Condo living is evolving, with some exciting trends emerging this year. Find out the six factors shaping the condo market and learn why condo insurance is key to protecting this lifestyle.
1. Wellness-driven amenities—There’s a growing demand for saunas, cold plunge pools, full fitness centers, and other features that cater to health-conscious lifestyles.
2. Community spaces—Coworking areas and social lounges are becoming just as important as private living spaces.
3. Short-term rental models—Owners are seeking properties that allow them to enjoy the space while also earning rental income when they’re not in town.
4. Branded residences—There’s an increasing interest in branded residences that mimic the luxury, exclusivity, and exceptional service of a hospitality environment.
5. Technology advancements—Developers are incorporating cutting-edge technology into buildings to enhance convenience and improve the overall living experience.
6. Location—The Southeast region has been experiencing an influx of new condo residents, especially Florida, Texas, and Tennessee.
If you’re thinking about buying a condo, it’s important to make sure you have the right insurance coverage. Your homeowners association’s master policy typically limits coverage to the building exterior, walkways, landscapes, and common areas. It does not cover your personal belongings and may not cover items such as countertops, fixtures, and other installations within your unit. Also, a master policy does not protect you from liability claims.
Westwood Insurance Agency can help you get the right protection for your home. A condo insurance policy from Westwood includes:
• Repairs to interior walls and built-in fixtures, bookcases, and countertops.
• Replacement or repairs of personal property including furniture, appliances, and clothing.
• Loss Assessment coverage, providing protection for situations where each owner of a shared property is held financially responsible for a portion of the cost of damage.
• Medical payments to others injured while in your condo, including payment for legal fees for a related claim.
Additional coverages to consider include water backup, extra liability protection, and flood or earthquake insurance if you live in a disaster-prone area. Talk to a Westwood agent to learn more.
Please Note: This article is for general informational and educational purposes only. It does not represent any specific insurance policy and does not modify any provisions, limitations, or exclusions of any current policy.
