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Get Your Condo Insurance Right Now!

Condominium insurance main goal is to safeguard your personal belongings as well as the parts of the building you own against any type of unexpected damage: fire, lightning and others. Condominium ownership, unlike house coverage, requires two separate homeowner policies: one that is provided by the condo and another one that is yours.

Those personal policies offer coverage on third party injury liability, loss of personal possessions, loss of structural improvements, property damage caused by you and/or additional living expenses. Moreover, personal insurance on your condominium can cover you from any additional living expenses that take place during a displacement required by the condominium administration.

Usually, master policies, which are the ones provided by the condo or condo-op boards have coverage over liability and physical injuries coverage, especially for those areas of the building that you share with your neighbors (for example, elevators, laundry room, hallways). It is important to study carefully which areas are protected and which ones are not.

Furthermore, condominium owners can also choose from a wide variety of coverage available. Some of them are coverage against flood or earthquake, unit assessment, water back-up, floater or endorsement and/or umbrella policies. In this way, you can obtain broader compensation prices and strength the safety of your family and property. Remember that insurance coverage and prices will depend on several facts such as location, price of the building and losses in common areas. Having a good insurance is a primordial need that will help you increase the value of your property.

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