Condo Insurance
Condo Insurance covers more than you think…
Condo Insurance covers more than you think…
Why Do You Need Condominium Insurance?
Condos are unique in the fact they are more than apartments but different from houses. Condo insurance works a little differently than other types of insurance. Condo residents typically own their individual units outright but have shared ownership of the condo building/community and its common areas. Insurance responsibilities may get divided up amongst other unit owners so you have to have proper coverage in place.
What does Condo Insurance protect?
Personal Belongings (Contents) – Protects you against damage or theft. Some of the items include Clothing, Appliances, Electronics, Furniture, Entertainment Systems, Dishes
Interior Structure- Many condo owners might not realize they own items like flooring, inner walls, countertops and fixtures.
Loss of Use- Condo insurance can provide living expenses if your home is damaged and you need to find temporary housing. Provides expenses that exceeds your normal standard of living.
Medical Payments- Covers medical bills for person(s) injured on your property.
Liability- Protects you against the financial loss for the bodily injury or property damage of others.
Important Information
There are some coverages that are unique to Condominium Insurance that you should have in place.
Building Additions & Alterations (Improvements)-Even if your HOA covers the structure of your place chances are they won’t cover renovations you make like adding granite countertops, marble tile.
Loss Assessments- Loss Assessments coverage offers protection for damages you might be held responsible for by your condo association, like damage to a common area.