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Understanding Condo Insurance
Condominiums can occupy a strange space in the conversation about living arrangements. A condo isn’t quite a house, and it isn’t quite an apartment; the occupant owns their unit outright, but also shares ownership of certain facility common areas with the other residents in the building. Condos occupy a middle ground between many different dwellings, which is why it’s important that all condo owners are well-versed in the types of condo insurance available to them.
Condo homeowners insurance only needs to cover what is not covered by your condo association’s ‘master’ insurance policy. Each condo association writes up its own rules, contracts and insurance arrangements, so it’s important to thoroughly read the terms of your association’s policy. The average condo insurance cost will depend on what liabilities the master policy picks up — for instance, some master policies might only cover shared areas like the pool or the hallways, while others might include the walls and ceilings of individual, privately held units.
Condominium insurance typically covers a few standard liabilities. The first coverage area is personal property, or all of the possessions inside and outside of your condo. Individual policies cover diverse situations, but areas of coverage usually include any accidents that befall your possessions because of fire, heavy rain and flooding, or inclement weather. Most policies also include personal liability coverage, which protects you if an accident occurs within your unit and you are at fault for its occurrence. Linked to this type of coverage are guest medical coverage and medical billing coverage, both of which are included in most of the best condo insurance plans. Finally, extremely comprehensive plans sometimes include building property protection, loss assessment coverage or even flood insurance if the unit is in a National Flood Insurance Program priority region.
If you’re interested in purchasing a condo insurance package, it’s crucial to first shop around to different insurance providers for a condo insurance quote. The cost of this coverage will depend largely on your individual circumstances, along with how large of a deductible you agree to pay. Although buying cheap condo insurance sounds good at first, it’s much better to get the level of condo insurance coverage that you actually need.
Contact us today on our website or by phone to request and receive an insurance quote. Our agents are standing by to give you a great deal on the perfect condominium insurance package for your needs!
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