Do You Need to Have Condo Insurance?
Your condo association does provide coverage for construction elements of the unit, including plumbing, fixtures, and wiring. Due to this, you may be wondering if you even need condo insurance. If you currently have a mortgage on a condo, then you will be required by your lender to have condo insurance. However, if you own the condo outright, you may still be wondering. There can be many situations where you will be in a financial disaster if you don’t have insurance. For example, someone getting injured in your home, a burglary, or a fire can all be devastating situations for which you want to have a condo insurance policy. An agent at The Insurance Pros can help you determine what risks you should cover in your insurance.
What Does Condo Insurance Cover?
There will be a lot of coverage in your condo insurance.
- Primary Dwelling: You should understand what your master HOA policy covers so that you can craft a condo policy that protects your primary dwelling. While some condo association policies will cover upgrades that you have made to the home, many do not. You want to make sure upgrades are included.
- Personal Property: You won’t get any coverage from your master association for your personal belongings, and this includes the television, computers, furniture, clothing, and more. If there is theft or damage, you are going to be covered for these items up to a certain extent with your own policy.
- Personal Liability: This provides protection for being sued if you damage someone’s belongings or someone is injured while at your residence. It can also cover medical bills for visitors that are injured.
- Loss of Use: If your condo sustains damage and you aren’t able to live in your condo after covered damage, then this covers costs that happen when living elsewhere.
- Damages Exceed Your HOA Policy Limit: A master plan will have a cap on the limit that it’s going to pay for damages. If the limit is reached, then you will have to contribute funds to make up the difference. You can get coverage to protect you from paying this out of pocket.
Contact The Insurance Pros to get a quote on condo insurance.