What is Condo insurance?
Condo insurance will offer protection for losses and repairs in your unit. Even though people may things its the same as renters insurance, it is different! This coverage will cover the interior walls and personal belongings within those walls. Normally, the condo association will have a master policy that covers the grounds and common areas, but that would not cover within the walls. Read on to learn more!
What do these policies cover?
Personal Property: This will protect your belongings if they happens to be damaged or stolen. For example, items like clothing, furniture, and electronics. Events such as fires, vandalism, and weather conditions are covered.
Loss of use: In the event your condo becomes uninhabitable, loss of use comes in handy! Expenses like rentals and hotels are included. So, you will never be left without a place to stay.
Personal Liability: In the event an individual is injured in your space, this will offer you protection. It will help with legal feels resulting from that event.
Medical Payments: This coverage pays for medical payments sustained from an injury at your condo.
Optional condo coverage
Normally, there is not flood coverage. Unless you add additional coverage. If you live in an area that is more prone to flooding, you may want to consider this!