Condo Insurance Policies
Do you currently have Renter's insurance and wondering whether you need to upgrade to purchase property? If you're looking to switch from renting a condo to owning one, you will need to purchase condo insurance to cover any liabilities you may face during ownership.
This type of insurance will cover you if theft occurs, your condo sustains significant water damage or someone gets injured in your residence. These and similar cases happen on a regular basis and are not covered by the insurance a condo association would provide. They only provide coverage for common areas that are used by all tenants and the building itself. Anyone who plans to purchase a condo unit in the near future should purchase condominium insurance. Because condo associations only cover issues that occur outside of your particular unit, you must protect yourself, your family and your personal belongings.
Mortgages companies will likely require you to purchase this type of insurance as well. When you purchase this type of insurance, you're purchasing protection for your assets. If an incident should occur within your condo unit that results in the loss of property, the insurance company will investigate and decide whether or not to provide you with compensation for your loss. In general, there is only one type of condominium insurance available, but you can choose to carry varying amounts of coverage. The best way to decide how much insurance to carry is to estimate the value of your assets. The higher the value, the more in coverage you should purchase. Your condominium is your home. Make sure it's safe.
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