Condo Insurance is one of the most important yet potentially overlooked kinds of coverage that a homeowner should have. It provides protection from liability or property damage issues that a condo HOA fees won’t usually address. The largest distinction between a condo and a traditional single family home is that with a single family dwelling there is a separate property from the adjacent homeowner. Condo coverage is designed for the specific needs and levels of protection for condo homeowners.
Because a the condo association (HOA) does not cover a wide array of personal property items like electronics, furniture, fixtures, etc., having your dwelling properly insured can make a huge difference. In a normal policy, a condo homeowner only needs to cover a portion of the property on which their condo lies. These parameters are dictated by the individual complex. Any condo owner who wishes to avoid potential out-of-pocket costs for an accident or certain covered incident should definitely consider purchasing a condo policy.
Personal property policies cover personal belongings that are stolen and need replacement. This is particularly useful in which there is a fire, a burglary or some major accidents. Personal liability is what covers you should any injury occur due to an accident with a guest while he or she is visiting your residence.
One kind of policy that is quite comprehensive is the “all-in” policy. In this case, one’s appliances, plumbing, carpets, and wiring are all protected under the policy coverage. A “bare walls-in” condo policy covers only the structure when an accident occurs.
A condo plan is designed to keep you from paying out-of-pocket expenses for accidents that happen within the walls of your condo home. If a guest should be hurt while in your condo, there is always the chance of significant medical expenses. This policy is what can prevent you from paying for these costs. If your condo is damaged and you are forced to move, your condo insurance can cover all of the costs associated with temporary housing.
A condo policy is a vital kind of insurance protection for those who are condo owners. Before the unexpected happens at your home, be sure to be properly covered by contacting one of our insurance professionals today.