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When you live in a condominium, the structure and common areas are typically covered by the condo association's master insurance policy. However, you are still responsible for insuring other parts of the dwelling. Action Auto Insurance Agency, the home insurance experts in New London, CT, explain what you need to know about condo insurance.

What Is Condo Insurance?Condo insurance

Your condominium is likely one of your largest and most important assets. Because of this, it is vital that you make condo insurance a part of your financial planning. It protects you against the damage or destruction of your unit by fire or vandalism, and it covers the losses in case any of your property is stolen.

What Does Condo Insurance Cover?

Condo insurance includes several types of coverage that protect different aspects of your home. For instance, building property coverage protects the walls, floors, ceilings, and interior fixtures of your unit. Sinks, light fixtures, built-in bookcases, and interior stairs are all covered by building property coverage.

Personal property coverage protects the contents of your home from theft, damage, or destruction. This includes your furniture, electronics, appliances, clothes, and other personal property. Lastly, personal liability coverage protects you from lawsuits by paying for property damage or injuries that occur on your premises or due to actions by you, your family members, or your pets.

Can You Buy Additional Coverage?

You can purchase additional coverage not typically included in a condo insurance policy if you desire more protection. For instance, flood and earthquake coverage usually cost extra. You can also purchase umbrella coverage, which protects you beyond your regular policy's limits and often covers items your regular policy excludes.

The experts at Action Auto Insurance Agency in New London, CT, can help you design a condo insurance policy that meets your needs and budget. You can often qualify for discounts if you bundle your motorcycle or car insurance policy with the same insurer. Visit the website for contact information, or call (860) 444-7224 to request a free quote.

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