Condo living is more popular than ever before. Not only can you gain access to a modern living space with a variety of amenities, but you don’t have to worry about too much maintenance and upkeep (especially on the exterior of your building).
Even though you’re not living in a single family home, it’s still important to purchase the necessary insurance coverage. There’s a lot to consider when buying condo insurance, so it’s important focus on all the most important details. Here’s a good place to start:
Buying a condo is a big investment, so you need to protect it against all types of damage, such as fire.
Since your unit is part of a larger building, fire could damage your unit even if it doesn’t start within it. For example, if your neighbor starts a fire, it could soon spread throughout the entire building, thus impacting everyone who lives there.
While the condominium company has insurance on the building, this doesn’t do anything for the contents within your individual unit. That’s why a condo insurance policy is so important.
Just the same as a fire, water damage could happen at any time in your unit and/or building. Maybe your bathtub overflows, thus leading to a rush of water into your bathroom and other living areas. Or maybe the person who lives above you experiences a broken pipe, which results in water pouring into your unit.
As the owner of a condo, you’re responsible for a variety of repairs, so you want to protect yourself. Water damage can happen when you least expect it, so make sure this is covered by your policy.
There is more than one type of condo insurance policy, so it’s imperative to understand your options. If you want the most comprehensive policy, buy one that provides all the following:
• Personal liability
• Replacement cost
• Contents insurance
• Additional living expenses coverage
• Loss assessment
• Improvements and betterments protection
If you’re in the market for condo insurance, don’t wait any longer to compare companies and coverage levels.
At BST Insurance, we know condo insurance like the back of our hand. Contact us to discuss your needs and receive a quote for coverage.