Condo Insurance Policies
Condo insurance is similar to a homeowners’ policy but tailored for those who are members of an HOA, (aka a condo association), and who own a condominium home. This insurance coverage includes a myriad of protections, from things such as fire and theft, as well as providing help with settlements from a liability case, for example. This kind of policy can also compensate for certain household improvement work done by the owner, and often serves to financially safeguard the policyholder through the help with costs of added fixtures and appliances in the unit. A good condo insurance policy is expressly purchased by the condo owner for his or her individual use.
While owner of condos can enjoy the support of an HOA and the fewer responsibilities in condo home ownership, there is also the price of the HOA and obvious closeness of your neighbors to consider. Nevertheless, this kind of specialized insurance is important to protect your home and investment.
There are some notable differences between condo insurance and traditional homeowners’ insurance, much in that condo dwellings are different from a normal single-family home. The HOA will usually have some form of limited coverage that protects its members to some extent. It is a smart move to always investigate the extent of the HOA’s insurance coverage before you look into the additional protection of condo insurance. Normally HOA insurance coverage protection ends at the exterior walls of the condo. The owner is usually responsible for all interior walls, the fixtures and appliances which he or she owns, the cabinetry and one’s electronic systems, and any other personal belongings. The HOA is really in the business of taking care of the HOA from such things as liability should someone be injured on the property. Accidents happening insides the condo are only usually covered by condo insurance and is obviously more protective of the individual owner.
When one lives in a more population dense area and in closer proximity to neighbors, as is the case with other condo owners, there is always greater risk involved. Things like break-ins can more likely occur over time when space is shared and a common entrance is utilized. For example a burglar could easily access the main entrance of a condo complex with items that are stolen and create suspicion. Condo insurance is what can protect you from possible financial loss inherent to such things.
This type of insurance coverage can also compensate condo owners who experience loss as a result of certain covered events too, such as fire and smoke and water damage. With neighbors above, below and to the sides of a condo dweller, it is wise to ponder the increased risk of certain types of damages that one normally would not see with a stand-alone home. Events such as a kitchen fire or a large water leak can spread quite easily from dwelling to another. Regardless of how careful you think you are, as a condo owner you best heed the old warning that stuff happens and never at a convenient moment. Without condo insurance, your personal belongings can easily be damaged or lost with no help in replacing them or fixing them.
Should the condo have some kind of weather damage or other destructive phenomena induced damage, this insurance can cover it. This usually includes severe storms, flooding, hail, etc. No matter the level of coverage you may need or desire, there is coverage that will nicely meet your individual needs.
Perhaps most importantly, purchasing good condo insurance can give an owner priceless peace of mind in knowing he or she has protection from things beyond one’s control.
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