Those who find themselves living in a condominium don’t own the property that they live in, but this doesn’t mean that they need to risk losing their belongings or have damage that they can’t afford to repair. This is where condo insurance comes in handy as it covers the inside of the unit as well as personal belongings.
Sure, the Homeowner’s Association for your community might carry a master insurance policy, but this is only for the exterior as well as common areas. The rest is on you to protect.
How does condo insurance work?
As it was mentioned earlier, a common misconception is that the insurance carried by the HOA will cover your condo as well. However, when it comes to the fixtures, furnishings, and structure inside of your condominium, that is your responsibility to take care of if anything happens.
In the event of a disaster, an accident involving one of your guests, or having your property stolen, this is where condo insurance can provide you with coverage as well. Dependent upon the terms and conditions set forth by your insurance company of course.
The Benefits of Condo Insurance
To truly determine whether something is worth shelling out your hard-earned cash for, it must bring something to the table. Below you will see some of the strongest traits of condominium insurance.
· Any time something happens to the condo, the interior is your sole responsibility.
The last thing that anyone wants to deal with is not being able to afford repairs for anything inside of your condo. This includes furniture, cabinets, and everything else. To prevent this from becoming out of control, condominium insurance will have you covered.
· Minimize the risk of being sued by the HOA for any damages that happen.
Let’s say that you or a family member accidentally breaks a window on your condo. The Homeowner’s Association will be quick to file a lawsuit in court. By having insurance coverage, you will not only be able to get it repaired quickly but also minimize/eliminate court action.
· Protect the treasures that you have in your condo as well.
Unfortunately, we live in a world where theft happens quite frequently and the only way to ensure that you don’t take a complete loss is by having coverage that protects your belongings.
As you can see, there are many disadvantages by not having condo insurance than anyone could truly be comfortable with. Minimize your risk and embrace the protection that you need in this modern day and age by taking on a policy that keeps your best interests at heart.