Condominium insurance is a specific form of insurance aimed at safeguarding the living space by covering both the overall core structure of the building and the items stored inside it from the indicated perils like theft and damages caused by acts of vandalism or fire. It provides financial support for when disaster strikes a condominium – just like the traditional homeowners insurance policy does.
That said, some people who live in a condominium believe that their condo associations policy covers everything – and some things are indeed covered – which is not true, as it may not include personal space. If personal space is not covered, then a person who lives in a condo is financially responsible for their own living space.
There are three most popular policies used by condo associations:
You can determine the coverage you need when you know the price of your belonging.
You should store the inventory list and pictures away from the condo. Talk to an insurance agent, and they will help you evaluate how much your items cost. Taking an accurate inventory is essential and helps you get the right amount of condo insurance.
In some cases, it is possible to reduce monthly premiums. If the location is made safer, then premiums usually decrease. A security system in the unit will reduce premiums and make you sleep better at night.
Victoria is a Content Writer at American REIA, covering the latest industry news and various insurance topics, including auto, home, health, and life insurance.