A Guide to Condo Insurance
The biggest investment one will likely ever make is in the purchase of his or her home. It makes sense, then, that a homeowner should protect it said investment from damage and other kinds of losses by purchasing the right insurance coverage. Condominium homes are no exception. However they are unique in that they give homeowners the benefits of ownership at a relatively lower cost and with less maintenance expense too. A big difference in condo home ownership is that, in general, condominium associations are responsible for the condo building exteriors and common spaces. It is still, however, the responsibility of the condo homeowner to protect his or her interior space, personal belongings, and liability exposure by obtaining good condo insurance.
The condo association or HOA will usually have a master policy in effect that will protect the building owner’s interest by covering the structure itself, the exterior features, and common shared areas. The common areas often will mean swimming pools, decks and patios, elevator and boiler rooms, rooftops and so on. Some master policies will also protect a condo’s floors, ceilings, and bare walls. It is therefore quite vital that the homeowner familiarize him or herself with all the details of the associations’ bylaws and existing policy coverage prior to buying condo insurance coverage. This will ensure that you obtain the proper insurance policy that will protect your personal property and the interior of your condo home. This coverage can sometimes even protect the policyholder from water damage, injuries happening inside the unit, burglary, and other forms of liability exposure.
Coverage and Discounts
Condominium insurance protection provides coverage for personal liability, which gives protection in case someone is hurt in your unit and then files a lawsuit. The personal property component covers a variety of things found in the unit while the building property protection provides coverage for condo walls and the interior of the condo. The policyholders can also enjoy a myriad of discounts including multi-line price cuts, E-discounts, automatic payment plan pricing, loyalty pricing, and lower premiums via higher deductibles.
Good condo insurance policies are offered in various kinds of formats by insurance providers across the country and from one HOA to another. It is suggested that condo owners look into repair and replacement costs of all their personal belongings prior to choosing their policy. It is vital to ensure that one has enough in the policy parameters to cover costs that result from any potential accidents or other forms of covered losses.