238 East Main Street
The master condo policy typically protects only the shell of your unit, leaving your personal property and the unit interior at risk. Condo insurance offers coverage for the things you care about, and can provide financial protection in times of trouble.
Your condo association's insurance policy likely covers certain aspects of your condo, such as common or shared areas. As a result, it may cover your condo unit, but not any improvements you make or fixtures you add to the condo. It also won't cover your personal possessions. Your policy is designed to make up for this shortfall. It's a mixture of the better-known landlord insurance and renters insurance but is specially designed for your particular condo.
Condo insurance covers your personal belongings inside your condo unit. That means everything from your appliances to your clothes may be covered in the event of a loss. Without it, you would have to replace your lost or damaged possessions out-of-pocket. Your policy may also cover damage caused by theft, fire, severe wind, lightning strikes, and frozen pipes. It's important to note, however, that condo insurance does not usually cover flooding.
In addition to property coverage, condo policies may also include liability coverage. For example, if a guest is injured in your condo, it may pay for their medical expenses. It may also cover you in the case of a lawsuit if you are responsible for damages to another condo property. Additional living expenses may also be covered if there is damage to your condo unit that renders it unlivable.
If a guest is injured in your condo, you are responsible. You need medical expenses coverage as part of your condo policy so your insurance would cover their medical expenses, up to a selected limit.
If your condo insurance policy includes additional living expenses coverage, things like hotel bills, temporary rentals, and meals may be covered while your condo unit is being rebuilt or repaired.
It may seem confusing to figure out exactly what coverage you need for your condo unit. The most important thing to know is that condo insurance is typically inexpensive in comparison to the potential out-of-pocket costs of replacing your personal belongings.
If you are living in a condo unit, you need condo insurance. Contact us to go over what your condo association doesn't cover and how your policy may fill in the gaps.