Standard condo insurance for those in Memphis, TN, protects personal belongings, liability, interior finishes, and even temporary living expenses after certain covered losses occur. However, condo insurance does not cover everything. Understanding common exclusions can help you avoid coverage gaps before any damage occurs. At Keltner Insurance, we’ll work with you to find policies that provide maximum protection within your budget.

Damage Covered by an HOA Master Policy

Your condo association’s master policy may cover shared areas, the exterior structure of your condo, roofing, hallways, elevators, and other community spaces. However, your personal condo policy does not typically pay for damage that falls under the HOA’s responsibility. Always review HOA documents to better understand where the master policy ends and your personal coverage belongings.

Flood Damage

Flood damage is typically excluded from traditional condo insurance policies. Standard policies do not cover damage caused by heavy rains, rising water, overflowing streams, or even backup issues from a recent storm. Memphis condo owners may require a separate flood policy if their unit is in a flood-prone area or if you prefer protection from water-related risks.

Sewer Backup

Damage from a sewer backup, drain overflow, or sump pump failure may require an endorsement. This coverage can be important for lower-level units or buildings with older plumbing systems. Working with a trusted professional can help you determine your policy coverage needs and limits.

Understanding what condo insurance does not typically cover is imperative anytime you’re thinking of making an investment throughout Memphis, TN. The more familiar you are with an existing policy and what it doesn’t cover, the easier it will be for you to fill the coverage gaps with additional policies. To learn more about your options and to move forward with condo insurance, Keltner Insurance is here for you.