Is it necessary?
Condo dwellers are fully responsible for keeping up all that is within and of their unit. This would include plumbing and electrical, HV/AC, lighting fixtures, appliances and design elements, to name a few. Should some criminal act or other destructive event damage these components, the uninsured condo owner is obliged to pay for the damages out-of-pocket. To avoid such expenses, the condo homeowner needs to protect his or her assets with good condo insurance.
What is it?
Just about 100% of homeowners who reside in a condo are required to pay HOA (Home Owners’ Association) fees. This money pays for such things as general maintenance and the aesthetic upkeep of the building’s exterior and common areas. However, for anything within the condo’s walls, the owner must cover the cost of needed work, including anything required in the aftermath of a fire or from water damage. Good condominium insurance is available to mitigate these costs so the homeowner can safeguard their finances should some unexpected and unfortunate event befall him or her.
Benefits of Coverage
All who own condo homes will need proper coverage of this type. This not only includes residents, but real estate agents and brokerage firms as well. Even if the residence has no one temporarily living within, damages can still happen. This can take the form of vandalism or theft, flooding, fires, and other events.
How this coverage safeguards your investment
In the majority of condominium agreements, the homeowner is responsible for any and all loss-causing events that happen within their walls. This would include such liabilities as visitors being injured on the premises or the costs resulting from destruction of property or from severe weather events and more. With the proper insurance coverage, you can benefit with financial compensation that is provided for everything that is covered in the policy details. You may also always opt to enlarge the scope of coverage to receive compensation for temporary lodging should your home become uninhabitable or for medical costs and more. Speak with an insurance professional today to find out more!