Should you own a condominium or are in the process buying one it is important to understand what a large investment it is. In order to protect such a big financial outlay you would be well advised to protect it through condo insurance.
Condo Insurance Specifics
Again, this form of insurance is for owners of a condominium who would like the specialized form of protection it offers to their investment. It is specifically designed to cover the needs of this kind of owner. Similar to renter’s insurance, it also gives coverage to personal property and offers liability coverage as well. It is essential that one look into any potentially helpful extra coverage based on potential weaknesses or deficiencies in the condominium association’s existing policy coverage.
The Workings of Condo Insurance
Condo insurance works terrifically well to protect your property as a supplement to the homeowner’s association (HOA) insurance. The HOA policy is already in effect when you purchase a condominium, however the condo owner is responsible for buying the additional policy. Both working together, they provide extra protection for your family in the event of some sort of financial loss, theft, damage or other unexpected expenses. The amount of coverage you need is determined in conjunction with a full understanding of the policy coverage of the HOA.
The Kinds of Coverage
There are different kinds of coverage available for your condominium. Some examples are personal belongings coverage which provides help for the repair or replacement of your personal items if stolen or damaged. There is the inner structure coverage that provides protection for such things as the inner walls of your condo, its floors, fixtures, appliances, and countertops to name a few examples. This, of course, is for those things not covered by the existing HOA insurance. Sometimes coverage is available to help in acquiring improvements to your condo, like adding a marble or granite countertop for an upgrade. There is loss assessment protection for damages for which the HOA might hold you responsible. If injuries or some kind of damages occur to guests then liability coverage can be a life-saver if you are deemed responsible. Identity theft coverage assists with the costs of repairing any damage done from the theft of your identity. Often living expenses can be covered during the time in which you are forced to take up residence elsewhere should your condo be uninhabitable.