Regardless if you own a home or a condo, it’s a given that you’ll need some type of insurance coverage for where you live. The difference though is the amount of coverage you need, since if you own a condo, you own the internal contents but not the external structure. The same goes for owning a home; you own it all, and subsequently in need to insurance all structures, internal and external.
When it comes to purchasing insurance for condo owners, here’s some information that we feel you should be aware of:
The TWO types of condo insurance
There are two types of condo insurance policies that insurance companies offer. One is for the condo owners and one is for the condo association. The latter, insurance for the condo association, is an insurance policy that insures the actual building (roof, siding, etc.) and common elements (hallways and pools). Insurance for condo owners, however, covers the interior of the condo and all of the contents within it. It’s important to make sure you have your own personal policy that has enough coverage to cover the value of all of your belongings and valuables within your condo in the event of a claim.
Common Condo Insurance Coverages
Condo owners can opt to add loss assessment coverage to their condo insurance policy to help protect them from having to pay out of pocket for a special assessment the association issues for expenses related to an insurance claim. These special assessments can occur if the association’s coverage limit isn’t high enough to cover the full cost of repairs and or medical bills.
Liability coverage is another common coverage option for condo owners. This can help protect you in the event that someone visiting your home gets injured. Your liability coverage would help cover the related legal and medical costs if you are found responsible for the accident. It’s also important to have this type of coverage in the event that you damage someone else’s property and are found liable.
Personal property coverage is what protects the contents of your home. For condo owners this would be anything and everything you own within your condo. This coverage is critical as the association’s insurance policy will not cover any of your belongings in the event of a claim. We always recommend consulting a licensed insurance agent to ensure you have enough personal property coverage to help pay or replace your belongings after a covered loss.
If you are currently in the process of purchasing a condo or plan to down the road, it’s important to understand the different types of insurance coverage options so you can ensure your family is protected. At Paradiso Insurance, we can assist you with any of your insurance needs or concerns and will work tirelessly to get you the best coverage for the best price. Click here or give us a call today at 860-684-5270!