Three Reasons Why Condo Owners Need Condo Insurance
Living in a condo isn’t the same as owning your own separate home. But just like a homeowner, a person who lives in a condo should have insurance coverage. Condo insurance is like homeowners insurance, but for a condo. A condo tenant without this coverage puts themselves at risk for several mishaps. Here are 3 reasons why a condo owner should consider condo insurance.
1. Condo Insurance Includes Liability Coverage
Liability issues arise when you’re accused of causing someone harm. For example, a visitor to your home might trip and break an ankle. It’s possible that you’ll be found liable for the injury, and ordered to pay the person’s medical bills. Liability coverage would help you pay what you owe, at least up to your policy limits.
2. Condo Insurance Covers the Inside of Your Unit
Your building likely has a condo association. The condo association is responsible for having insurance that covers the exterior and public areas of the building. But you’re on your own when it comes to the interior of your living space. With condo insurance, you’ll get help to pay for repairs inside of your unit. As long as the damage is caused by a covered event, your insurer will help you recover from the incident.
3. Condo Insurance Provides Coverage for Your Belongings
Your personal belongings could get damaged in a fire or other mishap. If that happens and you don’t have insurance, then you’ll have to replace or repair everything on your own. But with condo insurance, your insurer will compensate you for your damaged or destroyed belongings.
The Benefits of Coverage
It’s good to have financial help when you need it. Even if you’re in a condo, accidents can happen. And it’s your responsibility to make sure your belongings and living space are protected. With condo insurance, you’ll get financial help to recover from accidents that occur inside your space.