Do you live in a condo? If so, keep in mind that your condo association coverage will only cover the exterior of the condominium. When it comes to your home, condo insurance will cover your unit, protecting you and your home, everything that the condo association’s master policy doesn’t cover.
What does condo insurance cover?
Condo insurance provides coverage for the inside of your condominium. Depending upon the specifics of your condominium association’s master policy, your condo insurance may include coverage for:
In addition to covering your belongings in the event of a loss, your condo insurance also protects you against liability claims if you are responsible for another person’s injury or property damage, or you have legal fees to pay due to a lawsuit. Condo insurance will protect your from potential losses, such as
Because liability claims may lead to lawsuits, it is important to evaluate the amount of coverage you need to protect yourself financially. For complete protection, many people purchase umbrella liability policies.
How Much Condo Insurance Should I Have?
One of the first questions condominium owners ask is, “How much condo insurance should I get?” Basically, you can get a rough idea of how much insurance you need by performing an inventory of all your personal items and figuring out how much it would cost to replace your belongings after a burglary or fire. Certain valuable items may need special or additional coverage.
Consider the following:
To find the most affordable coverage that matches your specific needs, give us a call today to get the right condo insurance policy to protect your condo investment and personal assets.