You may already call a condo “home” or you may very well be in the market for one, either way you will most likely greatly benefit from a good condo insurance policy. Keep in mind that most banks and other lending institutions mandate that condo owners obtain coverage while paying a mortgage balance. But don’t necessarily stop just at the minimum requirements, for if you buy additional coverage protection you will fully enjoy the peace of mind in knowing that you are ready to face any curve balls that might thrown at you by fate.
Condo insurance is the kind of property coverage that was created just for the specifics of condo ownership. It can provide financial assistance to the insured should damage be done to either property or people. For instance, if your condo and is damaged by a pipe burst, a kitchen fire or some other kind of event, you are protected. Additional coverage can be purchased that covers your personal property that is within the walls of the condo, like of an event results in the destruction or damage to some or all of your appliances, pieces of furniture, your wardrobe and even from incidences like theft or vandalism, and still more. Personal belongings coverage can protect the insured with financial compensation should any such things need to be replaced or repaired.
The liability coverage is probably the most common form of protection with a condo insurance policy. Should someone pay a visit to the condo and find themselves injured, they will likely hold you, as the property owner, liable for any medical and even other damages. This could be a slip, a dog attack or a myriad of other things. This liability protection can even pay for the other individual's medical costs, income that is lost income, legal expenses and more, which could mean the difference between bankruptcy and financial solvency for you as a condo owner.
You will normally pay your premiums monthly, but annual premium payments are also available from many providers. If your bank or credit union mandates escrows, the insurance costs may be collected via the monthly condo mortgage payments. Should you need to file a claim on your policy, you will first have to pay the deductible, and this amount, by the way, can be determined by you when you buythe policy with basically higher deductibles meaning lower premiums.
If you live the condo life, it is certainly something that will behoove you in learning more about condo insurance coverage. Keep in mind that minimum requirements are helpful but optional coverage can often mean that you are fully protected and need not stress about what might or could happen to you and your investment.