Do you own a condo unit? If the answer is YES, here you can take the first steps towards condo insurance! Let’s understand how it works. Let’s start! Condo insurances are available under two separate policies: You’re probably thinking: “Why do I need a separate insurance policy when the condominium building overall already has insurance?” Here’s the difference! Your building insurance policy typically only covers the common areas, such as the lobby, elevators, and gym. But it doesn’t cover your belongings. Nor improvements you’ve made to the unit. In addition, it doesn’t protect you in case you damage any of the other units or if someone gets hurt while visiting your unit. That means you have no liability coverage if any claims are made against you personally. Can you imagine replacing everything you own in your home due to a fire? Or being held liable for personal injuries sustained by a visitor who slips and falls in your home? That’s why condo insurance is more than just a policy protecting your personal contents and potential liability. It represents peace of mind! Personal condo insurance fills in gaps in coverage where your condo corporation’s insurance might not offer protection. Did you know that the building insurance policy has deductibles? Even if the condominium policy pays for part of the loss of a claim, you will likely be responsible for the deductible! Are there any damages to the common elements or lawsuits against the corporation? If there’s not enough insurance to pay for the loss or the insurance deductible, special assessments are levied against each of the unit owners to pay for it. That’s why you need to protect yourself against these types of special assessments with a personal condo insurance. Now let’s see together what condo insurance covers!
Condo insurance, how it works and why you need your own
1) What is the difference?
2) Why you need your own insurance
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