Condominiums offer the joys of homeownership without many of the overhead costs and maintenance responsibilities. Condo insurance is a smart way to protect this investment. Here are some benefits of purchasing such a policy.

Reasons to Buy Condo Insurance

1. Safeguards Against Disaster

Condo insurance protects your home and possessions. It will reimburse you for a portion of the costs associated with covered losses.

This typically includes damage from fires and smoke, tornadoes and hurricanes, and vandalism, as well as losses from theft. If your homeowners' association has a master policy, then you should carry condo insurance as a sort of umbrella coverage that encompasses events not included in the HOA plan.

2. Shield Yourself From Personal Liability

If a guest injures themselves in any of the common spaces of the condo building, the HOA master policy will allow them to file a claim and seek compensation. But if a guest injures themselves in your unit, the HOA policy may not offer the same protection.

Condo insurance shields you from personal liability by letting the victim file a claim for compensation. If need be, the policy can take care of defense costs if the victim files a lawsuit against you.

3. Be in Compliance With Contractual Obligations

Condo insurance isn't required by law in the state of Connecticut. But individual homeowners' associations have the right to make it a mandatory provision before a new owner can move in.

Similarly, if you're paying for the condo with a mortgage, the lender will often require you to carry insurance. When in doubt, check your homeowners' association agreement or mortgage paperwork. Having the necessary insurance will ensure you comply with legal obligations.

When you need condo insurance in the New London County, CT, region, visit Action Auto Insurance Agency. Since 1986, they’ve been providing a wide range of insurance solutions. From condo, home, and renter's insurance to car and motorcycle coverage, they have the policies you need for the utmost protection and peace of mind. Call (860) 444-7224 or visit them online to request a quote.