If you own a condominium, you may have different insurance needs than someone who owns a house. That is why you should look into specialized coverage. After all, when you live in a condo, you are usually sharing space with other condo owners. Therefore, things can become complicated if an accident occurs.
Are You Underinsured?
So, if you opt to take out condo insurance protection, you can take care of any financial concerns in case of an accident. Also, without this protection, you may find yourself laying out cash to cover the damages to your property or even an adjacent property. Usually, condominium owners pay a monthly charge for insurance protection through their condo association. However, this protection alone is not enough.
How Condo Protection Works
According to insurance professionals at companies like the Business Name, a master insurance policy offered by a condo association usually covers the common areas and the building. However, the protection normally stops there. For instance, if a structure burns to the ground and must be rebuilt, a master policy will cover the rebuilding. However, the owner typically is obligated to pay for the fixtures, fittings, and carpeting.
Are You Covered for Liability?
So, if you do not buy condo insurance, you may assume large out-of-pocket expenses for such things as light fittings, kitchen cabinets, or other accoutrements in the event of a fire or disaster. Plus, this type of condo insurance covers any problems with liability. For instance, if someone is hurt in the common area, the condo association’s insurance will take care of the claim. However, if someone is injured within your condo, you assume any financial responsibility.
That is why you cannot overlook the importance of buying condo insurance for your condo. This type of insurance also covers you if your personal property is stolen or damaged. All in all, most master policies offered by condo associations will take care of the outside of your property. However, you do need to purchase condo insurance to cover the inside of your domain.
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