Buying a condo has been perceived as a wise move to invest. Nothing compares to a feeling of owning a house and having something that you call your own. You would want to protect such an investment. One of the most practical ways to protect it is getting a condo insurance policy.
Homeowners insurance is different from condo insurance. In a space that has shares walls and common spaces with other makes it difficult to distinguish who is liable in case of an accident. This kind of insurance policy can owners a huge amount of money and frustrations.
A condo insurance policy is a must have for anyone who is residing in a condominium townhouse complex. A certain level of protection might be included in your association dues. However, that kind of insurance protection is most likely to be limited.
There is a variety of coverage available in the insurance market to protect condo owners and residents from a potential loss. Fire and other destructive elements are covered by the building insurance. Under the liability policy, in an event that someone gets hurt within your living space, it can be covered. Any loss to your personal property due to disaster or theft is covered by the personal property insurance.
Condo insurance can also be tailored to cover for the loss assessment and the deductibles in case the condo association’s policy is not enough. Loss of use will pay for your board and lodging in the even that your home is being repaired. If a claim is between residents, a community insurance kicks in.
As you may have noticed, homeowner’s policy is different from an insurance for those who live in the condo. We have a pool of well trained advisors who are glad to help by looking into your condo association insurance policy. They can help determine the types of insurance you may need.
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