Condo Insurance Policies
Do you own a condominium or are planning on owning one? Owning a condominium is a big investment and one of the best things you can do to protect that investment is to buy insurance for your condominium.
What is condo insurance and who is it for?
Condo insurance is for those who own a condominium that want to protect their investment. It is a special type of insurance designed to fit the needs of the owner. Like renter's insurance, it provides personal property and liability coverage. However, extra coverage needs to be taken into consideration for the building needs based on the condominium association's master policy and coverage.
How does insurance for your condominium work?
Insurance for your condominium can help protect you and your investment by working hand in hand with homeowner's association (HOA) insurance. Your homeowner's association policy is in place when you buy your condominium and the owner of the condominium buys the other policy. Together, they help protect you financially from loss, theft, damage and other unforeseen expenses.
What are the different types of insurance coverage for your condominium?
There are several different types of insurance coverage for your condominium and among them are:
- Personal belongings coverage that would repair or replace your personal belongings if they are stolen or damaged.
- Inner structure coverage that will cover things such as inner walls, flooring, fixtures and countertops that are not covered by homeowner's association insurance.
- Improvements to your condominium, including renovations such as adding marble, tile or granite countertops.
- Loss assessment offers protection for damages that you might be held responsible for by your condo association.
- Liability coverage pays for injuries or damage done to your guests while they are in your unit and if you are responsible.
- Identity theft coverage that will help with the cost of restoring your identity in the event that it is stolen.
- Loss of use.
- Additional living expenses in case your condominium is uninhabitable.