Understanding Condo Insurance
Most homeowners opt to purchase homeowners insurance in an effort to protect their home against disasters or third party damage. However, if you have a condo, you likely don’t own the building or the land where you live. While you may have to pay a part of an HOA agreement, you may not be paying to insure the repair of the inside of your specific unit.
Benefits of Condo Insurance
This provides many benefits that your standard HOA agreement will not cover. For example, if you have damage in the interior of your condo such as lighting, appliances, or cabinets, they may not be covered in your agreement. Purchasing insurance will protect all of your interior in the event of damage or disaster. You are also protected against items being stolen from your condo. A personal claim filed will help you regain the value of your stolen electronics, furniture, and clothing. This insurance also covers you in case a guest is injured inside your unit. It will help pay medical bills for the injured party and liability costs if you were to be sued. Insurance will also help you cover damages that exceeds your HOA limit if your loss assessment agrees with the value of items you’ve love. Additionally, in the event that your condo is damaged to a point where you can live there, the insurer will cover expenses such as hotel room bills while your condo is made livable again.
Should I purchase insurance?
It is important to understand what kind of insurance your condo owner is selling you already. It may be a good idea to collect those documents and bring them to a qualified agent near you. An agent will be able to ask you the right questions and examine the documents to determine what areas where you are liable for uninsured damages that could greatly impact your peace of mind. Even if most essentials are covered, it is important to take the time to be sure all of your property is protected and its value is maintained.