Life insurance and car insurance are undeniable necessities to protect your family or your vehicle against damages, liability, and financial distress. However, if you don’t need homeowners insurance because you live somewhere between a house and an apartment, you should consider another type of coverage to protect your property. Here’s a closer look at what’s covered under condo insurance and whether it’s worth your investment.

Guide to Condo Insurance

What’s Covered Under Condo Insurance?

Condo insurance provides many of the same benefits as homeowners insurance. Personal liability is covered along with medical payments in case someone gets injured on your property. It also includes “loss of use” in the event the structure is deemed “uninhabitable.” Condo owners can choose between a “Bare-Walls In” plan, which provides basic coverage of the property and an “All-In” plan, which also includes any fixtures or additions inside the unit. If your condo has common areas like a swimming pool or lounge room, those may be covered by the complex itself. 

Why Do I Need Condo Insurance?

While traditional homeowners insurance provides a more encompassing plan, condo insurance covers the very basic and essential needs of any property owner. By insuring your internal structure and all of its contents at face value, you are protecting yourself from a variety of potential hazards such as break-ins, weather damage, and unforeseen structural issues. If you already made the investment in the property and its contents, wouldn’t it be just as important to invest a little more to protect them?  

No two condo insurance policies are completely alike. Therefore, you should check with your landowner about what parts of the property you have to cover on your own. To ensure you only pay for what you need on your plan, contact the professionals at Robert Taylor Insurance in Loraine, OH. With skilled experts across a variety of insurance types, they provide the best protection for whatever life brings. Give them a call at (440) 277-5191 or visit their website to learn more about the insurance they provide.