Condo insurance is designed specifically for people who own condominiums. It is similar to homeowner’s insurance, yet it differs in a few ways. People who own condos that are part of an association still need to purchase condominium insurance, because it covers the contents that are within the home.
Why is it needed?
Many people may not realize that the insurance carried by their condo association covers only the building itself, not the inside of anyone’s condo. Therefore, these policies are for anyone and everyone who owns a condo and wants the peace of mind that comes from knowing they are protected against disaster. The coverage can protect the person in case of flood, theft and personal injury.
What does it cover?
Condo insurance covers damage that occurs because of disastrous situations like fires, floods, lightning strikes and windstorms. It includes malicious acts such as vandalism and theft. It covers smoke damage and water damage that comes from broken pipes. The insurance helps to protect the unit owner at all times because no one ever knows when an incident is going to occur.
Purchasing condominium insurance has many benefits to it, but the main one is the advantage of knowing that the policy will cover someone who suffers an injury while visiting the unit. For example, a visitor may slip and fall because of something oily on the kitchen floor. Liability coverage takes care of the medical bills that the injured person accumulates, and it covers other expenses such as lost work wages for the victim.
Owning a condominium represents a major investment and it, and you, need to be properly covered.