The Benefits of Condo Insurance
Buying a condo is a huge investment and this is why you should do everything possible to protect that investment. An important way to get protection for your condo is to purchase condo insurance.
You might assume condo insurance is the same as homeowner’s insurance, but it is not. A condo is a residence with shared walls and other common areas, not exactly the same as owning a house. That is why condo insurance is set up a differently than homeowner’s insurance.
Condo insurance is a necessity if you live in a condo or a townhouse. Condo association dues include insurance protection, but do not cover your actual living space.
Condo owners have several insurance options. Building insurance is the most common option. This insurance takes care of your living area in case of fire or other disaster. Personal property insurance covers furnishings and other property inside your living area. Understanding the difference between the two ensures you have complete coverage.
The main purpose of a condo insurance policy is to fill the gaps left by a condo association master policy. One such gap could be loss of use coverage to help you cover costs for lodging if something happens to your condo. Community insurance coverage is for a claim including multiple residents.
There are many benefits of having condo insurance, but you need to speak with an insurance agent for more information. An agent will be able to look at your condo association’s policy and help you to find coverage that will protect you.