about Condominium Insurance
What is condo insurance?
In the event of damage or costly repairs to a condo unit, condo insurance can help pay those expenses. Condo insurance typically covers numerous perils, including burglary, vandalism, fire, water damage, and more.
Condos are a terrific housing option for those who don’t want to commit to apartment living or single-family home ownership, but they do require special coverage from an insurance provider. We’d like to think we know a thing or two about “unique” after spending years working with a small, green, talking man.
Check out our site to learn more about condo insurance and to see if we can assist you in obtaining the necessary coverage to safeguard your home and possessions.
Why do I need condo insurance?
Even if your condo association provides insurance, you may still find it beneficial to purchase your own condo insurance policy. Condominium buildings, common areas, and the association’s personal property and liability may all be covered under their policies.
There are several occurrences, such as a break-in, water damage to your living room walls, or an injury to a guest due to a wet kitchen floor, for which your insurance policy will not pay. That’s why condo and co-op owners need insurance made for them.
Personal belongings and the inside of your condo can be safeguarded with the use of a condo policy. If other people get hurt or their property gets damaged, you won’t have to worry about paying for it. This type of coverage can be obtained at low cost through a condominium policy that can be quoted online. Trying to determine how much your apartment’s or building’s belongings are worth?
What does a condo insurance policy cover?
What is and is not insured under the master policy of a condominium association is set down in the articles of the association and in the laws of the relevant state.
Most homeowner’s associations’ insurance policies only cover the building’s outside, leaving you liable for anything that happens inside, including damage to your belongings and other people’s property. Your individual condo insurance coverage would kick in at this point. Losses resulting from: are typically covered by plans.
- Fire or Lightning
- Vandalism or Malicious Mischief
- Accidental Discharge of Water
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