Let Us Help You With Your Condo Insurance Needs
Many people consider owning a condo to be similar to owning a house, and expect that insurance should also be similar for both groups. However, condominiums are quite different from houses and the insurance profile is also quite different. There are no basements or yards to worry about, and typically the condo owner doesn’t own the entire property, just a part of it, which has a large impact on how the insurance of the property works. Some policies even offer a number of benefits for condominium insurance.
For instance, most condominium insurance expects that all owners in the complex are collectively responsible for common areas, such as the hallways, stairways and recreational areas. It is the responsibility of the condo association to draw up a master policy and to clearly state which parts of the complex are insured by insurance dues and which are not, so that the condo owner can then take out suitable personal insurance.
Personal belongings insurance is the responsibility of the owner of the individual unit, and typically covers everything inside the unit that is not covered by the condo association’s master policy to protect the owner. Personal belongings cover should be able to cover the cost of replacing everything inside the unit, and can be specified either for all perils which will cover the owner against most types of damage, or specific perils coverage which will only provide cover after a specific risk, such as fire, smoke, vandalism, etc. This is typically cheaper than all perils cover, and if you’re in an area with clearly defined risks, it’s probably better to go with specific perils cover.
Condominium insurance is the way that you as a condo owner can protect your house and contacting a reputable agency will ensure that you get personalized and reliable cover.