Condo Insurance – Security for Condo Owners
Condo insurance is a smart choice for people who live in a condo apartment. The insurance protects the space of the policyholder. Most people who own condo buildings have insurance for the building, but that doesn’t include tenant’s personal space. That’s where condo insurance enters the picture.
Who Needs It?
This insurance covers a tenant’s space in a condominium. In a condo, there are several apartment spaces in one building. This requires each tenant to have insurance specifically for their area because it’s not the landlord’s responsibility.
The amount of insurance required depends on the condo association’s policy. Some association fees are to pay premiums for insurance on certain parts of the condo. Coverage might include protection for the common areas, like pools or gyms. Others polices might cover everything except the fixtures in your apartment. You need to know what is uninsured before you can get the insurance you need.
How it Works
The policyholder pays a monthly premium to keep the policy active. When an incident occurs, and you need to file a claim, simply contact your insurance company. Mishaps commonly covered by this insurance include damage from fire, flooding, vandalism, and theft, as well as injuries suffered on your property by other people. Also, your individual property, fixtures and the structure of your individual condo unit are covered by this insurance.
If you live in a condo, then you need to protect your space. You must remember that your landlord is not responsible for your personal belongings. You’re also responsible if someone is hurt while in your space. Condo insurance is a good way to protect your finances against certain mishaps.