Purchasing a condo means that you face a variety of responsibility that you may not face simply renting. When owning, you may be required to carry different insurance options by your realtor.
The coverage your policy can include will vary. However, it can usually contain:
Building Property Insurance: If the condo’s structure sustains damage, then your policy might pay for repairs. This coverage will likely handle damage from fires, weather, theft and other unavoidable problem.
Contents Coverage: This coverage will extend to your personal belongings. it might insure everything from furniture to electronics. Your policy might offer either cash value or replacement cost coverage. The replacement cost will pay for the full cost of the lost item. Actual cash value coverage will only pay the depreciated value of the lost item.
Liability Coverage: Your negligence might cause a guest to sustain injuries or property damage in your home. If the damage was your fault, then this coverage might help you pay for the losses.
Additional Living Expenses: Additional living expense coverage provides compensation if the condo is rendered uninhabitable by a disaster. This insurance can help with living costs if you have to temporarily move, including hotel costs and more.
Other elements of coverage might also come in handy. You might need to add special riders for high-value items, such as jewelry or art, for example.
Coordinating Coverage with Your Association
In a condo or apartment, your property will touch, and even blend with, the property of others. This is most clearly observed in the home’s structure. Portions of your home’s walls, ceilings, floors and fixtures might abut others’. Nevertheless, they remain your own property. So, you must work alongside your condo association to guarantee you get the appropriate coverage.
Your condo association will likely carry a degree of coverage on the structure of the home. However, what these policies insure will vary. Some might cover certain damage inside the apartment. Others will cover nothing inside your walls. Therefore, find out about your need for coverage from your association owner.
If you have any questions about covering your condo and its contents, be sure to speak with your insurance agent. There are similarities between condo insurance and other policies such as home and renters insurance, but there are important differences, as well. Connect with your insurance agent and ask about bundling your condo insurance.