Everything You Need To Know About Condo Insurance
Owning your own home is one of the ultimate life goals that we all try to achieve. The last thing anyone wants to think about is losing their investment in an unfortunate event which is why condo insurance is an insurance cover that is targeted towards people who want to protect their condo from a long lists of risks that might ruin your beautiful home.
Defining Condo Insurance
Condo insurance is a type of insurance that provides protection for your condominium’s interior. External areas of your condominium fall under the jurisdiction of your condo association and are protected by the insurance cover taken by the condo association.
Condo insurance might include coverage for the following:
- Your appliances
- Interior walls
- Personal property and valuables
In addition to this, a condo insurance policy protects you from liability claims arising from another person’s damaged property or accidently injuring another person.
What Is Covered By An Insurance Cover
Usually, condo insurance policies offer protection for items that are not covered by the condo association’s insurance policy. Also known as a master policy, a condo association’s insurance policy can be of two types:
- “All-in” Condo Master Policy
- “Bare walls-in” Condo Master Policy
An all-in condo master policy also goes by the name of a single-unit master policy. It offers protection for fixtures inside your condo including plumbing, wiring, carpets, and appliances. Please note that it does not cover personal property owned by the insured.
On the other hand, a bare walls-in condo master policy, does not cover anything contained in your condo’s walls. It might however cover your electrical systems as well as the condo’s plumbing. When purchasing a condo insurance cover, you will need to review your condo association’s insurance cover.
For instance, if your condo association master policy is a bare walls-in type, you will have to buy more condominium insurance.
A condo insurance policy covers any damage or loss to your personal possessions as well as any medical payments or personal liabilities that you might incur. Also, in the event that your condo gets badly damaged by a storm or fire, a condo insurance usually covers loss of use.
How Condo Insurance Works
The condo association’s master policy covers the external features of your condo including the condo grounds, building as well as other external features. By purchasing your own condo insurance policy, you will ensure that your personal possessions, installed features (in some cases), and appliances are protected from loss or damage.
If you incur a loss for instance from fire or a burglary you should file a claim with your insurance company.