Why You Should Take Advantage Of Condo Insurance
Purchasing a condo is a wise investment. There’s nothing like the feeling of home ownership and being able to call something your own. You’ll want to protect that investment, and one of the best ways to do that is by purchasing Condo insurance. Insurance for your condo is a bit different than homeowners insurance. Because you live in a residence with shared walls and other common areas, it can become difficult to sort out which resident is responsible for the costs if an accident occurs. This protection can save you a great deal of money and frustration.
Anyone residing in a condominium or townhouse complex should have Condo insurance. Although you may pay for a certain level of insurance protection with your monthly association dues, it is more than likely that this coverage is not sufficient in the case of an accident.There are a variety of coverage types available to protect condo residents from loss. Building insurance covers your actual living residence in the event of a fire or other destructive act. If someone gets hurt in your individual residence, you can be protected from being financially responsible under liability cover. Personal property insurance covers replacement of anything you own inside your home that may be lost due to theft or destruction in a disaster.
There is also insurance tailored for condo owners that covers loss assessment and deductibles in cases where the condo association’s master policy is lacking. Loss of use coverage will take care of lodging costs should you find yourself without a home while repairs are being made to yours. Community insurance coverage intercedes in the event there is a claim between residents.
As you can see, there are various ways in which insurance for condo dwellers is different than that of a homeowner’s policy. Our trained insurance advisors can help you take a look at your condo association’s master insurance policy and determine the types of insurance you need in order to cover any gaps.