Understanding the basics of condo insurance

Condo InsuranceCondo owners, similar to owners of houses, can greatly benefit from the coverage provided by insurance that protects them from damage to their property, as well as from liability.

Many condo owners do have questions about condo insurance, however, as it is slightly different from the typical homeowners policy. Though they remain quite similar, there are some ways in which they differ due to the nature of the condo itself.

In order to find out what types of insurance are available to your condo, speak with an insurance provider. Many condo associations require a certain type or amount of coverage, so be certain to speak with a member before you purchase your policy.

Condo insurance can cover many different types of things, depending on the policy and the carrier. Some of the available options include the following:

• Damage or loss of possession and/or structure
• Damage to structures that are commonly owned
• Personal injury occurring somewhere on your unit in the complex
• Medical costs associated with personal liability claims

It should be noted that this list does not cover all of the various types of available coverage. It is highly recommended that you speak with an agent to find out what types of options are available from different condo insurance carriers.

Many different insurers offer insurance that is specifically designed to cover condominiums – especially the larger providers. To make sure that you choose the right one, do your homework. You may also want to ask the owners of some of the other units in your complex to see who provides their insurance and whether or not they are happy with their service and protection.

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