The Basics of Condo Insurance
For some people, the option of buying a condo is more attractive than buying a house. Condos require less work on your part, and you don’t have to purchase homeowners insurance. But it’s likely that you have valuable personal items inside your condo. And that property needs insurance coverage. You can get the coverage you need by purchasing a condo insurance policy.
Protection from Property Damage
Property damage coverage is one of the biggest benefits of condo insurance. If an incident such as a storm, fire, or other event causes damage to your condo, you’ll get help making repairs. You are responsibly for the interior of your unit, so that means you’re financially responsible for repairs.
Condo policies are generally affordable because they only cover limited space. The condo building, roof, foundation, and the like aren’t covered by condo insurance. If you have a mortgage, your lender might require you to have condo insurance.
Liability is good coverage to have as well. You are responsible for the safety of anyone who visits your condo. If anyone is hurt, then they can sue you. But with liability coverage, your insurer will help with the costs. And if you accidentally damage another condo, then your policy will help pay for the damages.
As you can see, condo insurance is beneficial for any condo owner. It’s a smart way to protect your investment in your condo.