If you have recently purchased a condo, you need to make sure that you also secure a condo insurance policy because it's uniquely designed to provide you with the coverage you need when you own this unique type of real estate.
#1: Personal Liability Protection
First, with a condo insurance policy, you will get personal liability protection. Personal liability protection is something that many people don't assume they need until they do. With personal liability protection, if someone is hurt while they are in your condo, your insurance will pick up their medical bills. If the injured party decides to sue you, your insurance will handle the legal battle and fees.
#2: Personal Belongings Protection
Next up, with condo coverage, your personal belongings are protected. So if someone breaks in and steals your items, your insurance will cover replacing your items. If your condo catches fire or floods, your items will be protected. If you have any valuable items, you may need to schedule a property endorsement. There are generally coverage limits on personal property, which is why if something is valuable, you need to get a special endorsement on your condo insurance policy.
#3: Loss of Use of Condo
There is some situation under which you may lose us of your condo. For example, perhaps there was a fire that rendered your condo unlivable until things are fixed up, or maybe a pipe burst, and you need to be out of your condo while things are being cleaned up. With the loss of use coverage, your insurance will pay for you to either stay in a hotel or rent another place, depending on how long it will take to get your condo livable again.
#4: Loss Assessment Protection
Finally, there is a loss of assessment protection. If you have to pay a special assessment to the condo board due to an unexpected condo expense, such as fixing the exterior of the building after a storm, your insurance will cover that expense, so you don't have to pay out of pocket.
When you purchase a condo, you need to make sure that you have the right type of coverage. Condo insurance coverage will protect you against liability claims. It will also protect your personal belongings if they are damaged. If you can't use your condo for a covered reason, your insurance will pay for you to stay somewhere else. If your condo association issues a loss assessment, you will not have to come up with the money on your own to take care of it.
Those are just a few of the things that your condo coverage will provide you with. Contact insurance providers to learn more.
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