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Condo Insurance

Be Informed on Condo Insurance

The biggest investment one will likely ever make is his or her home purchase. It makes perfect sense, then, that a homeowner should protect his or her investment from damage and other losses by purchasing the proper insurance coverage. Condominium homes are no exception to all this. However, keep in mind that condominiums are unique in that they give homeowners the benefits of ownership at a relatively lower cost and with less maintenance expense. A big difference in condo home ownership is that, in general, condominium associations (Or HOAs) are responsible for the condo building exteriors and common spaces. It is still, however, the responsibility of the condo homeowner to cover his or her interior space, personal belongings, and liability exposure by purchasing good condo insurance.

The HOA will usually carry a master policy that will protect the building owner’s interest by covering the structure itself, the exterior features, and common shared areas. The common areas often will mean swimming pools, decks and patios, elevator and boiler rooms, rooftops and more. Some master policies will also protect a condo’s floors, ceilings, and bare walls. It is therefore quite vital that the homeowner familiarize him or herself with all the details of the associations’ policy coverage before buying the correct condo insurance coverage. This will ensure that one obtains the right insurance policy that will protect personal property and the interior of the condo home. This coverage can sometimes even protect the policyholder from water damage, injuries happening inside the unit, burglary, and other forms of liability exposure.

Condominium insurance protection provides coverage for personal liability, which provides protection in case someone is injured in your unit and then takes legal action against you. The personal property component covers a variety of items found in the unit while the building property protection provides coverage for condo walls and the interior of the condo. The policyholders can also enjoy a myriad of discounts including multi-line price cuts, E-discounts, automatic payment plan pricing, loyalty pricing, and lower premiums via higher deductibles.