Choosing the right condo insurance to protect your investment is essential. After settling in, learning more on how your new residence can be covered will be extremely beneficial down the road because it can protect your personal property, assist in personal liability and more.
Typically condo associations provide a narrow range of coverage. However this form of coverage may be limited to the building’s structure and common areas, leaving a wide range of options still left unprotected. These include personal items, furniture, electronics, etc.
Before contacting an insurance agent, a quick walk-through your condo can help to identify any items you might consider protecting. Taking photos and videos during this walk-through will also expedite policy procedures in the event that an incident takes place.
Because condominiums are connected, there is a chance that an incident occurring in a neighboring residence can also affect you. For example, a fire occurring in a neighboring residence has the potential of severely damaging your condo – forcing you to stay at a hotel for an extended amount of time. If you are covered, your insurance policy can reimburse any of these costs.
Not only does being insured cover your residence and personal items, it can also protect you from a personal injury sue. Residents who enjoy entertaining guests may want to consider a higher amount of liability and guest medical coverage. If a friend or guest is injured while visiting your home, there is a chance you may be sued for damages. Having liability insurance will take care of attorney fees and cover the injured parties’ expenses as well.
Understanding the various types of condo insurance available and the level of coverage needed will provide you with peace of mind in the case that a disaster occurs. Speak with an advisor and get protected today.