What is Condo Insurance?

As the name states, condo insurance basically protects your condo if it is damaged, destroyed, or comprised in any way stated in the contract that you have signed with the insurance company. The coverage applies to the condo itself, the property inside of the condo, and any medical or property damage sustained in the area. Basically any condo owner should have this insurance because it allows you the peace of mind that if something tragic does happen to you and your family.

Why do I Need Condo Insurance

Basically most mortgage lenders require some kind of coverage on your condo. Besides that, having condo insurance is necessary for possessions you cannot afford to do without. Can you rebuild your condo from the ground up or handle all the multitude of things that goes on in condo disasters? By just paying the premiums you are able to just forget about anything that could go wrong and just enjoy life.

What does My Insurance Policy Cover?

Insurance policies often protect more than the condo, they protect everyone on the policy as well including your spouse, guests, other residents, and visitors. Remember, standard condo insurance does not cover all things in every area. Depending on where you live you may need to buy separate flood insurance or other types of insurance depending on your area’s weather history. In general local disasters are not covered under the policy by default. Your contract can be easily changed from one company to another so you can feel free to switch without having to worry about being stuck in a contract for a long time. So you can renew and find ways to get the most coverage for the most competitive price on the market.

Insurance for Condominium Owners

There are other insurance policies that resemble condo insurance for those who do not own their condo. For instance, condominium owners’ insurance offers the same type of protection as a standard condo insurance would. This includes the property and possessions of the damaged area as well any additional improvements the owner may have made to the residence. Because as a condominium owner you do not own the structure in which you reside in, your standard insurance policy will limit the amount of coverage you have to limit personal injury and any part of the condominium you own under your contract.