Condo Insurance

The Ins and Outs of Condo Insurance


For most folks, the largest investment they will ever make is buying a home. Therefore, it makes perfect sense to protect this investment from such perils as weather damage, burglary, vandalism, and a substantial number of other types of potential losses, by acquiring good condo insurance coverage. Perhaps you were assuming this first paragraph was all about the typical single-family home insurance needs, but condominium homes are no exception to all of the above (and more). Condos are popular due to the fact that they give the benefits of ownership at a reasonable cost and with less maintenance expenses as well. A big difference in condo home ownership is that, in most cases, condominium associations (HOAs) are responsible for the condo building exteriors, common spaces and grounds of the building, along with the foundation of the structure, leaving you, the homeowner, from having to deal with some of the many of the hassles of regular home ownership. It is still, however, the responsibility of the condo homeowner to protect his or her interior spaces, personal belongings and exposure to liability by acquiring good condo insurance.

Coverage Types

Condo insurance covers three areas normally. First, it protects the interior of the building. Secondly, it financially safeguards systems and appliances within the unit. Finally, it covers the policyholder’s personal belongings. This coverage can safeguard financially a person who faces perils, (and the financial losses that result), such as theft, fire and severe weather like hurricanes and tornadoes. The homeowner is also encouraged to choose a policy that offers personal property coverage as well. Should some of the personal property list have specialty or valuable items such as jewelry, coin and art collections, and so on, the policyholder may be wise in purchasing a special policy or supplemental coverage for an existing one.
A condominium insurance policy can also provide liability protection and afford additional living expenses assistance, which can include hotel rentals when a property is unfit for human habitation. Liability coverage handles claims that come about when visitors gets hurt inside the property.

A Big Benefit

The big plus of having this insurance is the peace of mind it can instill. A policyholder can about his or her life and never stress about the many scenarios mentioned above. Though a policy is often not a requirement for the condo owner, it is coverage to seriously consider.