Let’s Talk Condo Insurance
As a general rule, condo owners are in charge of the interior part of the structure, but not the exterior aspects of it or the land upon which it sits. This is a special kind of property that needs special kind of coverage. Good condo insurance is on offer for condo homeowners to have for the protection of financial losses due to property damage and issues of liability. Before you purchase coverage for your condo, you are wise to seek out information about the different kinds of coverage offered for your condo and how the claims process functions.
Types of Coverage
Condo insurance will often include a liability aspect, and this is what protects you financially should other people make a liability claim against your property. For instance, if a visitor makes a wrong step in your condo and breaks his leg, liability coverage is what can compensate for any related medical bills and other costs that you would likely be responsible for handling out-of-pocket, assuming you even has the resources to do so. Other condo coverage can compensate for the repair of any covered damage to your condo home. This can be repair work that is resulting from water leaks, damage from wind, fire or other perils. You can also often obtain coverage protection for your personal belongings that reside within your dwelling, such as furniture, appliances, electronics and your wardrobe. You can usually determine your coverage limit based on the value of your belongings within the condo. Another extra type of coverage that often can be added onto your condo policy is displacement coverage. Should be forced to seek lodging elsewhere because of significant damage to your condo from covered incidents, this coverage can compensate you for temporarily living elsewhere.
If you took out a loan on your condo, the bank or other lender may mandate that you maintain some level of coverage for your condo. Of course, you can always purchase more coverage than the lender mandates for that extra added protection. Keep in mind that you will have the option of determining your deductible when purchase coverage. Your deductible is what is first paid after you file a claim to receive compensation. It is wise to choose a deductible amount that is both affordable and allows for monthly premium payments that you can also meet.