Buying a condo can be a good investment, especially for those who don’t wish to be bothered with the headaches of single family home ownership. One still gets the satisfaction of home ownership and being able to call it “your home.” However, just like a single family house, you’ll need to protect that investment. One sure way is to purchase condo insurance.
Condo insurance has several factors that differentiate if from homeowners insurance. Due to the fact that the condo dweller shares walls and other common areas, it can be a chore to figure out which individual condo owner is responsible for the expense of an accident. Having proper condo policy coverage can shield you from a great deal of financial loss and, of course, the ensuing frustration of dealing with it all.
Anyone who lives in a condominium or townhouse building would well-advised to have condo insurance. Though one often pays for some insurance protection with monthly HOA dues, it is quite probable that this coverage will not be enough to protect you in the event of an accident.
There is a variety of kinds of coverage available to protect your investment in your condo from loss. It is important to know what is out there and “building insurance” is a good place to start. This covers your actual living space in the event of fire or some other destructive event. Next is liability coverage: If someone is injured in your dwelling, you can be safeguarded from being financially responsible with this coverage. Personal property insurance is what covers the replacement of any personal items you own inside your home that may be lost as a result of theft, destruction from an act of God, or even vandalism.
There is also coverage that specifically tailored to condo owners that provides compensation for loss assessment and deductibles in example where the condo HOA’s master policy comes up deficient. Loss of use coverage is what handles lodging expenses should you find yourself homeless while repairs are being made. Community insurance coverage will allow a provider to intercede for you in the event there is a claim made between residents.
Know that there are a myriad of ways in which insurance for condo dwellers is differentiated from a homeowner’s policy. Our staff of insurance professional can help you decipher your condo association’s master insurance policy and determine the kinds of coverage would best serve you to cover any gaps you certainly will have.