Why you Should Get Condo Insurance Policy
Condominiums owners can enjoy living in their units while sharing other items such as the parking lots, grounds, hallways, building exteriors, and lobbies with other people. You may ignore the idea of getting an insurance policy if you live in a condominium since the association covers most of the building exterior in their master plan. However, their policy only covers the shared items and the building exterior, leaving your personal items uninsured against any damages or liabilities. It is not mandatory to get condo insurance, but it is essential for comprehensive protection against perils.
Condominium insurance, also known as HO-6, provides liability coverage as well as loss or damage of personal possessions within the units. The insurance policy also covers custom upgrades made in the units as well as damage to the interior walls and floors. Additionally, they may fill the gaps in the condominium associations’ master policy in cases where the condo owners have to share the costs of the out of pocket expenses. Other coverage provided by the plan includes the additional living expenses coverage, theft or vandalism, as well as fire or water damage from your plumbing.
Uncovered Perils and Benefits
The insurance policy does not cover the natural disasters such s earthquakes, floods, or hurricanes; This means you have to get additional coverage if you live in a state that stands a high risk of any of the perils. It also does not cover theft by someone named on your policy as an insured party. You may be eligible for various benefits after buying condo insurance, including claim-free discounts, the age of the insured, protective devices, and a multi-policy discounts.
Therefore, the HO-6 insurance will protect you and your family from financial expenses in case of loss or damage to your property. It also protects you from the lawsuits from anyone injured in your compound. Therefore, it is essential getting the insurance coverage.