Imagine owning a beautiful condo only to have it broken into, or damaged by a natural disaster. While these situations are unfortunate, they are common. This is why it is so important to make sure you have the correct insurance policy to protect your wonderful condo!
Before you can choose which policy is right for you, you must know the elements of a condominium insurance policy. Owners of a condo are unlike any other type of owner. While they own their unit, they are not accountable for insuring everything. A master insurance policy is set in place to cover the condominiums as a whole, and the unit owners carry policies to cover their possessions and individual units.
Personal Property Coverage:
This policy requires you to know how much your possessions are worth so that they can be replaced in the case of a loss.
Liability and Medical Expenses Coverage:
This will cover the medical bills of your guests if they are injured.
What is covered under this differs between condominium associations. Be sure that you are clear in what parts of the building you own, and which parts the association owns. For example, if you upgrade something that the association owns, you will be financially responsible for the difference if there is a loss.
Loss Assessment Coverage:
These policies are created to help protect you in case the condominium association carries inadequate insurance coverage.
For any other insurance inquires don’t hesitate to contact Idaho Insurance, today!