Are you considering moving into a condo? A condominium is a great alternative to owning or renting a single family home, apartment or other living options for many reasons. A condominium provides a great living opportunity for families. When you decide to buy and/or live in a condo you might wonder if you need any kind of homeowner’s insurance. When you are buying or renting a condo you will discover the many benefits of condo insurance. InsureWise would like to share why condo owners and renters will want to make sure they have condo insurance.
Why is Condo Insurance Needed
Often condominium associations provide some coverage for their buildings. The condominium association will have an insurance policy that covers the building and provides some liability insurance. However, the condominium association will not protect their renters directly. Unfortunately, the condominium association coverage is not going to help their renters from theft, vandalism, fire or flood damage. Knowing that you and your belongings are not protected you may wonder if you should look for your own protection. This is where you may want to consider seeking condo insurance. Condo insurance is designed to help you as the renter or a co-op owner of the condo. Condo insurance helps to protect your personal property and the interior of your condo or the unit. Along with condo insurance, there is a liability insurance policy that helps provide coverage in the event someone was injured or had their property damaged while in your home. A condo renter or co-op owner will find they might need that additional protection.
What Does a Condo Insurance Policy Cover?
Most condominium associations and their bylaws will determine what their insurance policy will cover. Most condominium associations will have a great insurance policy but one that stops at the exterior walls. This means the renter or the co-op owner of the condo is responsible for everything that is inside their unit. This means if you want protection inside of your condo and of your personal items, you will want to have your own condo insurance. A condo insurance policy includes interior walls, fixtures, personal property, and liability. Each condo insurance policy will be applied in a number of different scenarios. Some of the classic situations where condo insurance would apply are:
• Fire or Smoke
• Lightning or Windstorms
• Vandalism or Theft
• Water Damage
As each policy will vary you will want to see what the insurance policy holder can provide for you while living in a condo. If in the event you had someone over and they may have been injured or had their personal property damaged, they may get the idea to file a lawsuit, forcing you to cover the cost of their losses. The liability aspect of the condo insurance can help cover the cost or losses as the result of the lawsuit.
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If you are a condo renter, or co-op owner for those who buy a condo unit, you will want to have proper protection. For those that find they need condo insurance and want to begin going over an insurance policy that is right for you, call InsureWise or fill out this quick and easy quote form today.