When you invest in a property, you want to make sure your investment is safe. A condominium policy is one way to do this. A condo insurance policy will cover the unit’s owner from claims for things such as fire, theft, and water damage. The policy pays for damages or losses that result from an unexpected event and also pays for legal defense if the owner is sued. It will even cover your personal belongings up to your policy limits.
Doesn’t my condominium association cover my condo?
Many people think that they are fully insured under their condominium association insurance policy. Condominium associations usually covers the liability that the association may face and the damage that occurs in common areas. So, if a guest slips and falls in the condo community’s shared hallway, then the condominium association policy will kick in. However, most condominium association policies do not protect you against incidents that happen inside your condo. For example, if a person falls inside your living room, do not count on the association’s policy to protect you. Also your association will not usually cover the personal property located in your unit. For example if a laptop is stolen from your condo don’t count on your association to help.
Many condominium associations require condo owners to have insurance on their condo.
What coverage does a condo policy provide?
A condo policy provides you with liability protection. Your condo policy will cover the expenses related to defending you in court for incidents involving your property. Thus, if you have a condo insurance policy, it will step in to help you when a guest falls in your living room.
A condo policy also covers your personal property. For example, if someone steals a laptop from your condo, then your policy will kick in. Take a look at the following article to help you determine the value of your personal property
Conclusion
Now that you know what a condo policy is and why you need one, you can be sure to get one and be prepared if anything were to happen. E&Y Agency LLC is here to help you get proper coverage for your condo. Calls us at 248-362-1313 or fill the form below.
