You may believe that you don’t need insurance for your condo. After all, it’s likely that the owner of the building or the condo association has coverage for the building itself. However, this coverage will not extend to your individual unit and belongings, which will be your responsibility to replace if you lack sufficient coverage. The guide below discusses why it’s imperative to invest in condo insurance.
What Does Condo Insurance Cover?
These policies protect your personal belongings, including clothing, electronics, and furniture. It can also be used to repair fixtures within your unit, such as problems with plumbing or damage to walls and floors. If you’re subject to costs levied by your condo association, this insurance will also provide funding.
What Do Master Policies Cover?
Master insurance policies are purchased by the building owner or the condo association responsible for management and maintenance. These policies extend to other areas of the structure outside of the individual units. The building itself is covered, including common areas for tenants, such as laundry rooms, courtyards, foyers, and any other area of the condo available for use by all residents.
Some master policies are more comprehensive than others, so it’s important to understand what is and isn’t covered so you can set your personal insurance limits accordingly. For instance, damage to fixtures in your unit, such as plumbing, might also fall outside of the scope of the master policy.
Why Should I Purchase Condo Insurance?
Condo insurance protects your belongings against covered perils. Consider the damage that would occur if a fire broke out. Even if the unit is largely left intact, your belongings might be a total loss. Without insurance coverage, you would be responsible for replacing everything you own. If the unit was damaged and you were unable to live there while repairs were being made, you would be responsible for temporary lodging costs.
Condo insurance covers damage to your belongings, and many policies also cover the costs for temporary housing. Condo insurance also provides personal liability coverage, which helps pay for court costs and attorney fees if you’re subject to a lawsuit.
If you have questions about securing condo insurance in High Point, NC, Dewey Beckner: Allstate Insurance will provide answers. This insurance team will sit down with you to assess your unique risk profile. From there, they will help you find the most suitable coverage, whether you need it for your home, vehicle, motorcycle, or business. You’ll receive quality customer service, whether you’re shopping for a policy or filing a claim. Call (336) 884-5636 for more information or visit his website to get a quote.