For those that are looking to own their own home but do not want to have all of the maintenance responsibilities that come with owning a single family home, buying a condo could be a great option. While condos tend to take less work in regards to maintenance, they are still valuable assets that need to be properly protected. One of the best ways to do this today is to purchase condo insurance. This type of insurance provides a lot of different coverage that is unique to condo owners.
Property Damage
One of the main advantages of having condo insurance in place is that you will receive property damage coverage. If a storm, fire, or other casualty damages your condo, you will want to have a full insurance policy in place. Your insurance policy o your condo will provide you with coverage that you need to repair your condo as needed.
Since your condo is part of a larger building and the roof, foundation, and other structural elements are shared, property damage policies tend to be much lower with condo policies than standard home insurance policies. If you have a mortgage in place to finance your condo, you will likely be required to maintain an acceptable level of insurance on the condo.
Liability Coverage
Another type of coverage that is required is liability coverage. Condo owners take on a certain level of liability whenever someone visits their home. Owning a home and having visitors over comes with responsibility for the guest’s wellbeing. Having a good liability policy in place will provide necessary protections in the off chance that someone is injured.
Another unique risk that comes with condo ownerships is if you accidentally damage another owner’s property. If your condo has a leak that causes damage to the unit below, you could be found liable. Your policy will provide you with coverage to cover these damages. Due to the importance of this type of coverage, a home association that you are a member of will likely require that you carry full liability coverage as long as you are the owner of the condo.