Facts about Condo Insurance
Condo insurance is basically property insurance for people who live in condos. It covers a person’s personal space within the condo building. In other words, it protects the inside of the tenant’s living space that’s not covered by a building’s condo association.
The condo should have an association that has insurance for the common areas of the building. This includes the outside of the building, the building structure, and items that the building owns. But this coverage doesn’t include a tenant’s personal belongings. People who live in condos will need this coverage to pay for their belongings should a mishap occur.
Coverage Options
Condo insurance offers several options. For instance, it covers personal belongings that can be damaged or destroyed during a fire or other mishap. It also covers items that are stolen from the property. There’s also coverage for medical bills if anyone is hurt inside someone’s condo unit.
Some insurers also offer assistance when a condo unit becomes uninhabitable. If the tenant has to live in a hotel until the condo is repaired, the insurer might pay some of the expenses. For instance, fire damage might force a tenant to find temporary housing. But the insurer will generally only pay up to a certain amount.
How Condo Insurance Works
Like with other forms of insurance, condo insurance requires a monthly premium. The cost of the premium depends on how much coverage is selected. There is also a deductible that must be paid before the insurer pays their portion. When choosing coverage, find something that’s affordable but provides adequate coverage.
Benefits
Condo insurance is beneficial because it provides coverage for people who live in condos. They need coverage for their personal space not covered by condo association insurance. Without this coverage, a condo owner has no help should a mishap occur.