Condo insurance is available to anyone living in a condominium. It is different than traditional homeowner’s insurance because the owner does not own the entire building.
Who needs condo insurance?
Insurance for condos is designed for anyone who owns a condo. Regardless of city, location, or building, the condo needs to be covered. It will ensure that if there is a problem, the owner can file a claim with the insurance company.
Many people assume that if they live in a condo, they don’t need to worry about insurance. While the owner of the entire building has insurance in place, it is to provide coverage for the building itself. If there is a fire, for example, their insurance would cover damage to the building. It would not cover the loss of any items inside the condo, however.
Having an insurance policy ensures that repairs and replacements aren’t coming out of the pocket of the owner. Insurance would pay for most items, with the exception of the deductible, which must first be met.
What are the coverage options?
It’s important to review the coverage options available for insurance. Basic policies will provide coverage for all personal belongings. It’s also critical to have liability coverage to provide added financial protection.
For people who have a large amount of valuable items, such as jewelry or artwork, there are riders that can be obtained for an insurance policy. High-value riders will provide sufficient financial protection in the event that there is a loss or theft.
Further, if someone sues the owner of the condo for injury, there are riders that will provide protection against virtually every possible scenario.
Every condo owner should have insurance to protect their home and what’s inside of it. By taking the time to review the different coverage options, it’s easier to enjoy peace of mind throughout the year.