The Basics of Condo Insurance
Condo insurance is specifically for people who live in condos. It’s similar to homeowner’s insurance, as some of the same benefits are offered. But that’s where the similarities end. If you live in a condo, then there should be a condo association that has insurance coverage for common parts of the property. But for your personal space, condo insurance is a necessity.
As the owner of the condo, you’re responsible for the interior of your area, its fixtures, the appliances, and your personal belongings. The policy owned by the association protects the property against things such as liability for accidents or injuries. But that coverage doesn’t extend into your personal living space.
That’s where condo insurance enters the picture. It covers you from losses that are not covered by the association’s policy. If you’re liable for damages or injures that occur in your unit, you’ll have no financial help if you don’t have condo coverage.
This type of coverage helps you in instances involving damage by wind, fire, water damage or loss from theft or vandalism. If you were to experience a covered loss, then you’d file a claim with the condo insurance company. You might also have to alert the association’s insurance provider. That’s because it’s possible that a claim includes damage to both interior and exterior parts of the structure. And just like with homeowner’s insurance, flood and earthquake coverage must be purchased separately.
Condo insurance is a smart move for anyone who lives in a condo. It’s the only way to protect your belongings from mishaps that occur in your space. Condo coverage means you’re protected from the financial consequences of damage, theft, and liability.