Condo Insurance Policies
This is an intro to condo insurance, describing what it is, who needs it, how it works, the different types and the primary benefits it offers.
What Is Condo Insurance?
Condominium insurance covers the interior walls and structure of a condo, along with appliances and possessions located inside the condo. Some liability coverage is also available in case somebody is injured while in your condo.
Who Needs It?
This type of insurance is for condominium owners. Renters would need a different type of insurance.
How Does It Work?
Like other types of insurance, there are coverage limits that may be purchased, deductibles that determine the threshold at which the insurance company steps in to pay for damages, and there is a claim filing process to follow when an incident occurs. All of this is spelled out in your insurance documents and will be explained by your agent.
Your condo association will have its own insurance policies to cover the building's exterior and common areas, but the electrical and plumbing inside the walls are not always covered. Some condo association insurance policies are less comprehensive than others, so be sure that your own policy covers everything that your association's policy does not.
Are There Different Types?
There are some different options available to include in your insurance package, including water backup to cover water damage, umbrella liability to cover damage or injuries to others while in your condo, and floater coverage to cover the high-value items and collectibles in your condo.
You would also be able to purchase various amounts of each type of coverage to satisfy your needs and expectations.
What Are The Benefits?
Condominium insurance is there when you need it. In case of damage from broken water pipes, fires, natural disasters, wear and tear, and theft, your insurance policy will take a very stressful and expensive situation and make it much more bearable. Nobody wants to see their home damaged or their possessions destroyed, but if that ever happens, you will be very glad that you have adequate levels of insurance to make up for the loss.
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