When your dream is to own a condominium; nothing comes close to what you feel when you finally buy it. While you will be excited to own this dream residence finally, it is important to take care of certain duties like buying condo insurance.
So many things can go wrong, in which insurance will be of great help. Owning a unit among other condo owners is always a recipe for complications. Condo insurance caters to your needs in such circumstances. Condo insurance serves as a way to keep you away from any costs in case of an accident or incident. You can see how it is beneficial below.
You will have master insurance that id in place to cover the whole complex, and you make monthly contributions to its premiums. You may be covered, but it is not adequate to keep you safe and free from needing other policies.
While the master policy will cover the entire building, it only covers the structure and common areas, not inside your condo. If the complex is damaged by a fire, for example, the master policy pays for the construction of a new building. It however will not cater to the compensation of what you lost in the building. You are expected to take care of all fittings, fixtures, and even interior walls.
You will also find there is a need for liability protection. You will see it active if the injury caused happened in the common areas. But any accident caused in your condo or originating from your condo, then you will be liable.
Condo insurance also goes further and covers personal property. Since damage to personal property will most likely occur within your condo, you cannot turn to the master policy for any compensation. You need condo insurance to protect you against theft, damage and destruction of your personal property.
Should the master policy ever have an assessment that leads to a deductible, you will not suffer if you have condo insurance. There are cases where the master policy underinsured the owners. In such cases, you will be expected to cover the additional costs. If you have condo insurance; you will be saved from such expenses.
You will also find it effective when it caters to the expenses of housing you when your condo is under repair. In cases, where you have to move out as the condo, is being repaired; there can be such heavy costs in that move.
You will also see it being effective in promoting the spirit of community. There may be an incident that leads to damage on a person’s condo caused by another owner, and a lawsuit will bring strain on relations. But where this policy is present, such costs will be avoided. Things can get back to normal quickly thereafter.
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