Making the choice to purchase a condo is the right move for someone that enjoys community living, without the constant worry of maintenance and yard work. Although most condo associations carry a master policy, it does nothing to cover any of your personal items. Finding the right policy to fit your needs is an important decision to make in order to preserve the items you worked so hard to accumulate.
What Is Condo Insurance?
Insurance for condos is an added protection beyond what any condominium association provides for the basic structure. It will help ensure that your personal items are protected from natural disaster, fire, theft, or other loss causes.
Who Is Covered?
All personal items that are declared to have value and you desire covered can get coverage. You can add protection for medical expenses if someone is hurt while in your condo.
What Types of Insurance Are Available for Condos?
Condominium insurance is almost like a mix of homeowners and renters insurance. You are living in an apartment-like setting, but are not responsible for the entire structure. The insurance will cover inside the premises and any injuries sustained while on the general property.
Items like clothing, jewelry, appliances, electronics and other personal possessions can be covered by a specific policy that outlines their value.
Flooding, Fire, Smoke and Weather Damage
The cost of repairs due to fires, smoke damage, water damage and other weather events can be covered with the right policy. This goes beyond what a standard association policy would cover, since they are more concerned with the building as a whole.
Theft and Vandalism
Replacing items due to break-ins and vandalism can get expensive. You can buy a policy that will cover you in the event that either of these occur.
A policy will generally cover anyone that visits and gets hurt with a slip-and-fall, or other type injury. It protects you from an unneeded lawsuit.
Legal Fees for Lawsuits
There are some policies that will provide the needed legal funds to protect yourself from lawsuits.
How Does Insurance for Condos Work?
You will need a police report in cases of theft, or vandalism before filing a claim. All other matters involve filing the claim and waiting for the insurance adjuster to see what the possible damages amount to in total. You will be reimbursed for all covered costs.
Benefits of Condo Insurance
You will be given assurances that the association governing your condominium building carries insurance, but it does not cover your personal belongings. The extra protective features of carrying your own policy will give you peace of mind.
Contact insurance professionals and find the right policy to cover your condo and all of your personal belongings today!