Condo Insurance Information
Condo insurance is insurance coverage for people who own a condo. It’s similar to living in an apartment, except you own the condo. The other difference is there is usually a condo association that takes care of the community property and other issues. The association takes care of some things, but as a tenant, you are responsible for your space. That means you need to have condo insurance to pay for your belongings and other expenses should a disaster occur.
The condo association will have its own insurance that protects its members. That protection usually ends just beyond the exterior walls. You are then responsible for the interior walls, fixtures and appliances, cabinetry, and your personal belongings.
Condo insurance provides financial assistance to help you pay for things not covered by the association’s policy. For instance, if a fire breaks out in your unit but also damages your neighbor’s unit, this insurance will help pay for damages. If nothing else, you should at least consider liability coverage.
Condo Insurance Details
Condo insurance coverage is for losses due to wind, fire, theft, some forms of water damage and other losses. You simply have to file a claim with your insurance company when an event occurs. You probably also have to inform your association of the damage. This is because the association might be responsible for some of the expenses. Just remember that these policies don’t cover major flooding and earthquake damage.
You can get an “all-in” policy for an individual condo, which covers just about everything inside. The association might have a “bare walls” policy that covers what is outside of the unit.
Benefits
The biggest benefit of condo insurance is it provides financial assistance when you need it. Any accident can occur any time. Having insurance for your space and belongings is a smart investment.