When purchasing a condo, you will find that your condo association will already have a master policy that covers the common areas and the physical structure of your building. It’s important to note that this policy won’t give you coverage for damage to things located within the walls of the home. This means you need to have condo insurance. A condo insurance policy will provide walls-in coverage for your belongings and protect you against the different kinds of liability you face as a condo owner.
What Does Condo Insurance Cover?
You will most likely be responsible for covering everything in your unit, including home improvements and permanent fixtures. This is also true for plumbing, windows, and certain appliances. Knowing what your master association policy covers can be beneficial so you can make sure your policy covers everything that the master doesn’t include.
Condo insurance can help protect you from the financial burdens of replacing damaged or lost items due to theft, severe weather, or fire. You want enough insurance to cover all your belongings. Speak with an agent at Travers Insurance about how much coverage is included under certain limits, such as clothing, furniture, and electronics, so you can be sure you are fully protected.
Even when you are careful, accidents can still happen and can sometimes be very expensive. Your condo insurance can help you if you are liable for property damage for injuries caused by you or members of your family.
Why Have Condo Insurance?
Condo owners can be at an increased risk of fire damage because of the proximity to neighbors. While disasters aren't common occurrences, when they happen they can be destructive to many units. You may be required to have condo insurance if you are still paying off the mortgage as well.
Contact Travers Insurance to get a quote on condo insurance.