Why You Should Purchase Condo Insurance
When you buy a condo, you are making a huge investment. This is a responsibility as well, which is why you want to do everything possible to protect your investment. One very important way to protect your condo and your investment is to purchase condo insurance.
Most people assume that condo insurance is the same as homeowner's insurance, but it is not. When you buy a condo, you are buying a residence that has shared wall and other areas that are common to all the residents. That is why your insurance needs to be set up a little bit differently than homeowner’s insurance.
Condo insurance is a necessity for anyone who purchases and lives in a condo or a townhouse structure. While your condo association dues includes a foundation of insurance protection, it is not going to cover everything if there is an accident or other event.
Condo owners have a few different insurance options. The first and most popular option is building insurance. This type of insurance takes care of your living space if there is a fire or another mishap. Personal property insurance takes care of the furnishings and other property inside of your home. Understanding the difference between the two is a necessity to ensure you have complete coverage.
A condo insurance policy is custom designed for filling in the gaps of a condo association master policy. Some gaps include loss of use coverage to help you cover costs for lodging if something happens to your condo where you cannot live in it. Community insurance coverage is for a claim that includes several residents.
Benefits of condo insurance are many and this is why you want to be sure that you understand each of them if you own a condo. Your insurance agent will be able to look at your condo association’s policy and help you to find coverage that will fill in the gaps and protect you in case of certain eventualities.
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