The Benefits of Condo Insurance
Condo insurance is recommended for anyone who lives in a condominium. If you live in a condo, you don’t own the entire building. But you do own your private living quarters. You need to purchase your own insurance to cover your personal belongings.
No matter the city or location, you need coverage for your condo. Without it, you’ll receive no assistance if your personal belongings are damaged, stolen, or destroyed. This is because the insurance that covers the building doesn’t cover your personal space. Coverage basically stops at your door.
Most people think insurance is unnecessary if you live in a condo. But coverage for the building itself doesn’t cover anything of yours. If a fire occurs, then the condo’s insurance would cover damage to the building. It would not cover the loss of any personal items belonging to the tenants.
With your own condo policy, repairs and replacements in your space will be paid for. You’ll have to pay a deductible, but then the insurance will help up to its limits.
The main purpose of this policy is to provide coverage for personal belongings. Liability coverage also provides additional financial protection.
If you have a large amount of valuable items such as jewelry, then there are riders you can obtain for additional coverage. And if someone sues you for an injury inside your condo, liability coverage will provide assistance. Condo insurance is not mandatory. But it’s a wise investment for anyone who lives in a condo.