Just like homeowners and renters, someone who lives in a condominium needs a specifically tailored insurance policy. If you are a condo owner, you need a plan that will protect your personal property, as well as any exposure to liability that you may have. Your coverage should also shield you from damages and losses in relation to any additions or improvements that you have made.
It is important for a condo dweller to also consider something referred to as optional loss coverage. This is meant to protect against various charges that a condo association may levy. Coverage of this type would pay for your living expenses, for example, in the event you are forced to move out of your condo following a covered loss.
Condo Insurance – a Synopsis
A condo policy covers your personal property and more. If you opt for an upgraded plan, known as a Full Value Personal Property policy, you would be compensated for the full replacement value of a loss regardless of any depreciation following a covered loss.
The Condo Building Item Coverage gives you peace of mind in relation to any renovations you have done. To illustrate the matter, imagine you renovated your condo by putting in new kitchen cabinets and hardwood flooring throughout your premises. This coverage would protect you from damages.
Of course, prior to selecting this form of insurance, read your Home Owners Association contract to establish what the association would cover in the event of a loss and what would be your responsibility. You should also clarify what your condo association requires of you in relation to an assessment against the deductible on the association’s policy in case a common area is damaged.
Differing limits of loss assessment coverage are available to the condo owner. An independent insurance specialist who is familiar with the various policies and does direct business with the major companies will be able to assist you in determining what your coverage needs genuinely are.
You, Your Family, Your Visitors
Your condo policy can protect you and your family against the risk of bodily injury and against the risk of property damage liability claims and litigation. Moreover, a Medical Payment plan will cover the costs the costs of any medical expenses necessary for injuries suffered by guests at your dwelling-place.
For a more comprehensive outline about condo insurance, be sure to consult with an experienced and trusted independent agency.