Category: Condo Insurance

Thanks to the area’s hot, humid, and occasionally cold weather, most condo units in New Orleans, LA, have HVAC equipment of some kind. If you own a condominium, you may want to know if your insurance covers them. The answers will vary depending on the type of condominium, the equipment it uses, and the condo association’s policies.

Individual Units

Many condos have separate HVAC equipment that only serves a specific unit, such as window air conditioners, exhaust fans, and electric baseboard heaters. An individual condominium owner’s policy typically covers this equipment because multiple owners don’t share it. While condo insurance covers several harmful events, such as fire and vandalism, separate flood insurance is needed if you live in a flood zone.

Centralized HVAC

On the other hand, the entire building shares some HVAC equipment. The condo association’s master insurance policy would probably cover a central system, like a boiler or furnace. However, individual owners may be responsible for insuring parts of a centralized system installed inside their condo units (such as thermostats).

Causes of Damage

Keep in mind that insurance covers losses associated with certain unexpected incidents, such as theft. It doesn’t serve as an extended warranty, so you can’t file claims for things like routine HVAC maintenance, defects, or age-related failure. Depending on the type of system, you might be responsible for regular upkeep, or the association may handle it.

If you’re looking for reliable condo insurance or thinking about switching to a different carrier, MultiSurance can help. Our independent agency serves condominium owners throughout the Pelican State. We compare condo policies from an assortment of carriers to find the most desirable options for each customer. Please call 877-467-8310 to contact MultiSurance at our New Orleans, LA office.

If you live in New Orleans, LA or the surrounding area, you can turn to the team at MultiSurance for all of your insurance needs. We’re here to answer any questions that you might have and help you find the right policy to protect your property.

Condo ABCs for New Orleans Residents

When you buy a condo, you’re buying one living unit within a building. You’re required to have your own insurance for your unit, as the building’s insurance policy won’t cover your property or possessions. Additionally, in some condominium buildings owners are required to pay for any damage to their units, no matter the cause. This means that even if a plumbing problem in your neighbor’s unit causes damage to your property, you’re responsible for any needed repairs rather than your neighbor. Be sure you have the right insurance in place.

It’s important to fully review the bylaws of your building and those of any governing board that has control over the condominium building. Condo living can be a lot less stressful than owning a home, and if you’re ready to embrace an easier lifestyle, be sure that you have the condo insurance you need. There are many differences between owning a condo and owning a house, so be sure that you’ve reviewed all pertinent documents prior to closing on your property. You’ll want to know the rules and regulations that are in place before you move into your new home.

Contact us today to learn more!

MultiSurance is proud to serve the greater New Orleans, LA area. If you’re planning on buying a condo in the near future, be sure to choose the right type of policy to protect your property and your belongings. Give us a call or stop by today to learn more!