You probably know that when you purchase a new home, it's a wise idea to also obtain a Homeowner's insurance policy. If you've recently bought a condo, you'll most definitely want to look into specific insurance to protect your property, as well as that of your neighbors. A condo is different than a stand-alone dwelling, such as a house. There are communal areas and shared walls. You will want to look into the benefits of condo insurance in order to save yourself time, money and frustration should an accident or unforeseen event occur.
You may think you are covered for things such as shared areas of the property, common walls or liability under the fees you pay each month to the condo association. However, it's likely that if this were to be your sole source of insurance, you would be very much underinsured. Having your own separate plan to cover all areas of your living area complex, including your individual unit's interior, is a small, but wise investment.
Anyone living in a condo or townhouse complex with shared walls and other communal property should have this type of insurance. An individual, privately held policy can save you a great deal of money, frustration and time.
Your own insurance policy for your condo residence will cover you and your possessions in the event of an accident or other unforeseen circumstance. An insurance agent who is trained in condo insurance can help you to make sure you have the types of coverage you need and that you are adequately insured beyond what the condo association's master plan may cover.
Building Insurance covers all of the property, including the fixtures, rugs and walls within your unit, for the whole physical building. Liability Coverage takes care of any damage caused by you or your visitors. Personal Property insurance will replace anything you own individually within your residence. Loss of Assessment and Deductibles will pay for your share of insurance claims on the master policy. Loss of Use makes sure you don't have to pay for lodging should you be unable to stay in your home.
Having your own insurance for your condo will save you the overall cost of unforeseen events that affect the entire condominium community.