CONDO Insurance – Customer-friendly
Domestic residences and personal property are among the most important things a person can insure. This is true even for people who don’t own a traditional house or rent their home from another party. Condominium insurance policies help owners and residents of condos protect their financial well-being in the event of a disaster. This is particularly important for people who spend a lot of time or store valuables in their condo, or if they are using it as a form of asset or investment to achieve long-term financial stability.
“”Walls In”” Structural Coverage
Condo insurance polices are often described as “”walls in”” insurance because they tend to focus on, or exclusively cover, damage to the interior of the structure or objects stored inside. In many cases, these policies cover everything from the damage to the walls of the structure inwards, since unit owners are usually not responsible for other parts of the building or surrounding property. While destruction from storms and natural disasters qualify under many condo policies, holders are not necessarily protected from flood damage.
Additional Loss Protection
In addition to covering damage to the home itself, condo insurance often protects holders from loss of personal property inside. Depending on the details of the policy, the insurance may pay for loss of electronics, books, clothes and other valuable items. It’s important to note that a condo association’s master policy doesn’t necessarily include protection for personal property, so owners often get a separate one for advanced coverage.
Condo owners with a policy for their unit may also be protected from personal liability if someone else is injured in the home. Insurance can compensate victims of an accident for some medical costs, as well as provide coverage for legal expenses from related litigation. Most policies have s predefined limit for payout on persona liability expenses.