CONDO Insurance - Customer-Friendly
Condo insurance is coverage for people who own condominiums. It is similar to homeowner’s insurance, yet it differs in a few ways. People who own condos that are part of an association still purchase condominium insurance because it covers the contents that are within the home. Condo Association Insurance covers only the building. It covers the outside structure and not the inside of anyone’s condo.
The policy is for any person who owns a condo and wants a peace of mind while he or she owns the unit. The coverage can protect the person in case of flood, thievery, and personal injury. It can replace everything that a consumer loses from a condo invasion, and it can assist with fierce water damages that can almost completely destroy a home.
The most important thing for a condo owner to remember is that the association’s coverage only covers the outside. The condo owner needs protection inside the home, however. Condo insurance covers damages that occur because of disastrous situations like fires, floods, lightning strikes and windstorms. It includes malicious acts such as vandalism and break-in theft. It covers smoke damage and water damage that comes from busted pipes. The insurance helps to protect the unit owner at all times because no one ever knows when an incident is going to occur.
Purchasing condominium insurance has many benefits to it, but the main one is the advantage of knowing that the policy will cover someone who suffers an injury while visiting the unit. For example, a visitor may slip and fall because of something oily that happens to be on the kitchen floor. Some condominium insurance policies cover such situations. That type of coverage is called liability coverage, and it covers all situations that could end up pointing to the condo owner’s fault. Liability coverage takes care of the medical bills that the injured person accumulates, and it covers other expenses such as lost work wages for the victim. Typically, condominium insurance liability coverage goes up to $500,000 in protection. Quotes are available for the interested condo owner today.