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Make the Best Election When Buying a Condominium Insurance

If you inhabit a condominium and if the association from the condo has insurance, maybe you wonder why is it that you need one too. Well, the reason is quite simple, your condo association insurance covers the building, which is commonly an owned property and provides liability insurance for the association. Nevertheless, that insurance does not cover specific danger such as losses in your condo due to burglary or situations such as water damaging your living room or kitchen walls, or even the injures one may suffer if he/she slips on a wet floor inside your unit. Therefore, as an inhabitant of a condominium it is safer to have a condominium insurance.

Condo Insurances have been carefully designed to fulfill condominium owners and/or co-op owners. These insurance policies cover you from the loss to any of your personal property and/or the interior of your unit. Furthermore, through the acquisition of condominium insurance, you will also obtain liability protection for bodily injury and property damage to third people.

Every Condominium Insurance Policies must specify on its articles which components of the building are protected and covered under the Association’s Master Insurance Policies.
Most of the time the association coverage only responds to damages caused in the outside and/or exterior areas of your unit. In order to have your private property protected and fixed in case you need it, plus liability exposures, you must obtain a personal insurance.

Before purchasing condo insurance, you should first check with the association in charge to make sure you will be buying the product you need. First of all, you must find out which parts of the interior are covered by the association insurance and which parts are your solely responsibility. Moreover, once you purchase the insurance, you must make sure it covers the reparation and/or replacement of the items you are going to be responsible for.

Remember to make further investigations about liability, coverage and restrictions in all the insurance different companies may offer you. You must make this type of decision very carefully, for your benefit and your dear one’s too.

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