Understanding Condo Insurance
If you own a condo or are considering buying one, then you need to know about condo insurance. These policies are for people who own condo apartments. This is not the insurance for landlords who actually own the building. This insurance is for the tenant who has a living space in the building.
Condo coverage is designed for people who live in condos. Coverage provides financial benefits to the policyholder when damage is done to their personal area, such as after a small kitchen fire. Optional coverage is available to pay for personal belongings within the condo apartment. For example, an event may result in the loss of furniture or clothing. Personal content coverage will provide reimbursement so items can be replaced.
The premium is due on a monthly basis, but annual payments may be an option. When you file a claim, you will likely have to pay a deductible. Once your deductible is paid, then the insurance company will pay its part.
The most common type of coverage is liability. This protects you, the policyholder, from lawsuits. When someone visits the condo, they may be injured and may hold you liable. This may be for a slip or fall, a dog bite or something else. Liability coverage may pay for medical expenses, legal fees and more.
If you have a condo or want one, then it helps to learn about insurance coverage. You are responsible for your private space within the condo. The building owner is not responsible for replacing your personal belongings or paying for damages done to your space because of theft or vandalism. That is your responsibility, and having insurance helps.