The Advantages of Condo Insurance
Buying a condo is a good investment. Home ownership is a big responsibility, and that’s why you want to protect that investment. One way to protect your investment is by purchasing condo insurance.
Condo insurance is not the same as homeowners insurance. A condo is a residence with shared walls and other common areas. As a result, it can be difficult to sort out which resident is responsible for the costs of an accident.
Anyone who lives in a condo or townhouse should have condo insurance. Your monthly condo association dues may provide a small level of insurance protection, but it’s probably not sufficient in the case of an accident.
Several insurance options are available to condo owners. The most popular option is building insurance, which covers your living space in the event of fire or other mishap. If someone gets hurt in your living space, then liability coverage will foot the bill. Then there’s personal property insurance, which covers property replacement for property damaged inside your home.
Some condo insurance is tailored for condo owners who are lacking in loss assessment and deductibles from the condo association’s master policy. Loss of use coverage is for lodging costs should you find yourself homeless while repairs are being made. Community insurance coverage is for when there is a claim between residents.
There are several ways in which insurance for condo owners is beneficial. It is definitely worth considering. A trained insurance agent can help you examine your condo association’s insurance policy, and determine what you need to cover the gaps.