When you have a condo, you are required to have insurance while you are still paying it off with a mortgage. Even after this period of time, it’s recommended that you keep the insurance. Condo insurance can help protect your financial assets in different ways. It can help protect you against liability claims and lawsuits, as well as help you recover financially after a covered peril.
When you are getting condo insurance, there is your master policy for your HOA to keep in mind. An agent at Integrity First Insurance Services can help you understand this policy if you are unsure. There are two types of condo policies. One is a “bare walls in” policy and will cover the main property from the outside but it won’t cover installations within the unit or other fixtures, such as countertops or wood flooring. The other is called an “all in” policy, which does cover your installations, additions, and fixtures. Variations do vary by each condo association so this is why it’s extra important to read your policy so you know what you will need to cover yourself.
Many condo owners will just need the insurance for their own unit, with the understanding that the common areas, such as hallways or pools, are covered under the condo association’s policy.
The coverage you get will depend on what you need to cover on your own. Coverage for the unit’s interior will include protection for your personal possessions. It will also cover personal liability should someone be injured at your condo or if you damage someone else’s property. It will also cover medical payments should someone outside the family be injured at your condo. It covers loss of use in the event that your condo becomes damaged by a storm or fire and you will need to find alternative housing during repairs.
Contact Integrity First Insurance Services to get a quote on condo insurance.
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