What is Condo Insurance?
This is insurance purchased for the protection of the property owned, as well as protection against certain liabilities that may be incurred, for the good of the owner of the condo. This type of insurance will cover certain costs that exist if something should happen due to fires, flooding, or any other damage. It will also protect you from legal expenses if you or someone else gets hurt in your condominium.
Who is it for?
This type of insurance is meant to cover the individual owner of a specific unit in the condo. Many condominium complexes are made up of several interconnected buildings. The complex may even be just one building with several different apartments. This type of setup requires a special type of insurance, since there are no free-standing structures or buildings to think about.
The amount of condo insurance that you will want also depends on what the master policy of the condo association covers. Some association fees that you pay (HOA fees) pay premiums for insurance to cover certain parts of the condo. Some of them pay for only the protection of the common areas, like pools or workout facilities. Others cover everything except the fixtures in your individual apartment. Be aware of what your policy covers.
How does it Work?
This insurance requires a premium to be paid, generally every month or every six months, to the insurance provider. If somethings should happen to your condo, you must make a claim to your insurance company and then you will be reimbursed or have expenses covered after your deductible is taken into account. Things commonly covered by this insurance include damage due to fire, flooding, weather, thefts, and vandalism, as well as injuries that were suffered on your property by people other than yourself. Essentially, all of your individual property, as well as fixtures and the structure of your individual condo unit, is covered by this insurance.
Benefits of This Insurance
This insurance is extremely beneficial to condo owners. Most condo fees do not cover personal property or fixtures inside of a condo. With this insurance, all of your possessions, structures, and things inside of your home can be covered.