Condo Insurance Information
If you live in a condo, then you probably need condo insurance. This policy covers your private space. It also covers your personal belongings. There may be a policy that covers the building, but that does not include your personal space.
This policy will cover your individual condo unit. It is similar to renters and homeowners insurance. It covers your space, but no other parts of the building. However, a policy might offer liability protection.
Anyone who owns a condo unit is eligible for this policy. If you rent your space from someone else, then you are not eligible for this policy. You must be the owner in order to get coverage.
Filing a Claim
If your condo is damaged by fire or some other event, then you will file a claim. You will also file a claim if your belongings are damaged or stolen. The insurer will validate your claim, and then provide financial assistance. In the event of a personal liability issue, the insurer will help you with legal matters.
There are basically two types of policy available. You might need coverage that only covers your belongings. That’s the case if your condo Association has coverage for the walls and floors inside your unit. Otherwise, you will need coverage for the entirety of your unit.
Condo insurance is a wise investment. It can help you pay for repairs and to replace your belongings.