Some people buy a house to live in, and others choose to rent an apartment. Each alternative has benefits and condominium ownership blends both worlds. A condominium owner can take advantage of ownership equity in the property while also benefiting from the maintenance and upkeep advantages that are often associated with an apartment dweller.
When it comes to insurance for your condominium, you must consider insurance protection for your building, your contents and for liability that may arise as you go about your day.
Is Condominium Insurance Necessary?
Condominiums are organized such that an association owns and maintains common areas, and they purchase an insurance policy that covers each condominium. However, that policy is very specific as to which parts of the building are covered, and this is further clarified in the by-laws of your condominium association.
Typically, a condominium owner will be responsible for the building elements within the finished walls of the dwelling area. You will want to make sure that your policy affords coverage for these building items. This will vary based on the articles or by-laws of your condominium association, and each state has laws that apply to condominium ownership.
Personal property such as your furnishings, electronics, appliances and clothing are your responsibility as well and a condominium insurance policy will provide coverage for these items.
When it comes to liability, your association will not want to defend or indemnify you personally if you are negligent and cause injury or damage to others, so you will need an insurance policy for this type of risk. A condominium insurance policy can provide you with liability limits of your choice that will protect you if someone is injured or suffers damage to their property because of an incident for which you are legally liable.
If you have questions about how your condominium policy can protect your assets, be sure to talk to a qualified insurance professional today. There are many coverage options available and a condominium policy can be tailored to your needs in terms of deductibles, policy limits and the best available coverage options.