Condo insurance is a good investment choice for condo owners. If a condo is your primary home or a real estate investment, then you should consider condo insurance. This insurance is specifically for condo units. These units are unique because you own a portion of a building, but you do not own the land or the entire building. You also may be required to purchase property insurance by the condo owners association and your mortgage company. They both may have specific minimum coverage requirements you must meet.
The condo policy may include coverage that replaces contents inside the condo. If that’s the case, then in the event of fire, theft, flooding or other issues, your damaged, stolen or destroyed personal property may be replaced. This can include everything from furnishings and electronics to clothing and appliances.
There may also be coverage that includes the interior of the property. The condo association will be responsible for damage to the outside of the structure. Damage to the drywall, wiring, flooring or other interior components are your responsibility. The coverage can also include specific events, which vary from policy to policy.
Like other insurance, condo insurance also carries a deductible. If you have the option to select the deductible when you purchase the policy, then you can control your expenses. Consider condo insurance for you condo because it helps protect your investment.