Congratulations! You have bought a beautiful new, condominium that will be the source of many carefree, relaxing, rewarding days to come. But you have to be very vigilant when owning a condo. Although it is not like owning a home you still need to have condo insurance.
Taking out condo insurance is similar to taking out an insurance policy on your home. While all of the contents inside your home and the house itself need to be covered, your homeowners association will be covering everything outside of your condo. What exactly does that include? Your homeowner’s association should have insurance on everything that is outside of the condo, such as the actual building, the hallways, the sidewalks, the pool, and the grounds.
It is also important to note that condo insurance is very different from apartment insurance. Apartment insurance just covers your belongings in the apartment, not the actual apartment. While your condo insurance covers your individual condo and everything contained in it.
Why do you need an insurance policy on your condo? You should have condo insurance, and liability insurance also, just in case an accident happens to a person, or just in case your valuables are stolen. You will need insurance to cover the condo and items included inside for example, if a hurricane strikes the area, and ruins everything inside your condo. You will need condo insurance just in case a fire takes place and destroys everything. It is very comparable to owning a home, but the difference is that you won’t need as much condo insurance.
Your condo insurance should cover all real property from the exterior framing inward but does not cover fixtures or installations within a condo unit. In other words, your individual condo and what is contained in it needs to be covered by condo insurance. Features such as countertops, bathroom and kitchen fixtures and flooring are not covered.
Therefore, in the eventuality that something happens, your home is covered, as well as all of the belongings inside. This also includes the appliances such as a stove, the refrigerator, and the washer and dryer. Built in bookshelves, built in cabinets, and built in fixtures should also be covered in your condo insurance policy.
You will also want to discuss with your insurance agent if the policy you are considering includes broad water damage coverage as well so that you are completely covered.
You might be surprised to discover that many condo owners do not obtain insurance for their new homes. Many condo owners think their condos are completely covered by the condo association. But that is entirely untrue. While many condo owners are seeking a relaxing atmosphere to enjoy life to the fullest, they aren’t seeking insurance because they don’t think they really need any. But condo owners do need condo insurance so that in case an accident happens, there is theft, a fire, water damage, or any other major life event, their home is covered.
Even though your condo is a carefree place to hang your hat and enjoy the lifestyle you have worked so very hard to obtain, you need to protect your investments with an insurance policy that puts your mind at ease. With the proper condo insurance policy, you will sleep well in the knowledge that everything in your new home is well taken care of. Once you obtain the best condo insurance policy, you can plan what you want to do. How about several rounds of golf, or a stroll on that amazing beach tomorrow?