Buying a condo can be a good way to spend your money. It feels great to own your own home, and have something to call your own. It only makes sense that you’ll want to protect your investment. One way to accomplish that is by purchasing condo insurance.
Condo insurance is slightly different than homeowners insurance. A condo is a residence with shared walls and common areas. It can be difficult to sort out which resident is responsible for what.
Anyone living in a condo or townhouse should have insurance. Most condo owners pay for limited insurance protection with their monthly association dues. But that coverage is not sufficient to cover all the incidents that could occur.
Several coverage types protect condo residents in the case of mishaps.
Building insurance is for the actual living space in the event of a fire or other destruction. Liability coverage is for when someone is hurt in your individual space. Personal property insurance covers belongings inside your home lost to theft or destruction.
There is coverage tailored for condo owners to cover loss assessment and deductibles where the condo association’s master policy falls short. Loss of use coverage is for lodging costs if you find yourself homeless while repairs are being made. Community insurance coverage is for claims between residents.
There are many ways in which insurance for condo owners is different from a homeowner’s policy. Speak with an insurance agent to discover how condo insurance is beneficial.