You may have wanted for the longest time to buy a condominium, and you now have. While you will be excited to own this dream residence finally, it is important to take care of certain duties like buying condo insurance.
There are times when things can go wrong, and you need insurance to step in and rescue the situation. The fact that you own a unit like other people in the same complex makes things complicated. Condo insurance will help cover any needs you may have under such conditions. Condo insurance serves as a way to keep you away from any costs in case of an accident or incident. Here is how it proves most beneficial.
A condo complex comes with a master insurance cover, which condo owners chip in to pay its premiums. The cover may be present, but it is not sufficient for your needs.
While the master policy will cover the entire building, it only covers the structure and common areas, not inside your condo. Should a fire ever bring down the condo complex, the master insurance will pay for its new construction. But all the items in your condo will not be compensated. You will need to pay for all fittings, fixtures, and even interior walls.
The master insurance policy also has a liability cover, but only effective outside the condo. You will see it active if the injury caused happened in the common areas. You however should not expect it to help out if the incident is in your condo, or originating from your condo.
Condo insurance will also make sure it takes care of your personal property. If there is ever damage to your personal property, it will likely happen within your walls, where the master policy is ineffective. Condo insurance caters to your protection against theft, damage and destruction of your personal property.
You will also need it should the master policy give off a loss assessment and deductible. It can happen that the master policy did not adequately cover you, owners,. In such cases, you will be expected to cover the additional costs. Condo insurance will make sure you do not pay for such costs out of pocket.
The policy also covers for expenses insured as your condo is being repaired. If an event happens that needs you to stay elsewhere as your condo is being repaired, you would incur heavy costs if you did not have such a cover.
It also helps maintain the spirit of community. If you are ever sued by another condo owner for damage or negligence after an incident in the complex, things can get pretty tense. But where this policy is present, such costs will be avoided. Things can get back to normal quickly thereafter.