Condo Insurance Coverage Options

When you make the decision to buy and move into a condominium, you are making a choice that allows you to own property without a lot of the hassle that comes with owning a home. You probably will not have a lawn or a backyard to care for, will not personally have to pay cleaners for your swimming pool, and your insurance coverage and options will be significantly different (and usually less expensive) than what a homeowner has to endure. This does not mean that you are without options, however.

When you move into a condo, there are two types of important insurance that are now a part of your life: The insurance that covers the main, or superstructure of the condo itself including the grounds and accidents that happen outside of your dwelling, and your personal insurance, which is responsible for everything that takes place within the four basic walls of your personal condo space. The first insurance, which covers the grounds and the primary property is covered by you and all of the other owners as a part of your fees for living in the condo. If you are on the board, you will have a hand in deciding the level of coverage that the condo will have and adjusting the dues accordingly to cover that expense plus many others. While there are no laws that force you to have condo insurance for your own personal space, going without is a significant hazard you should seriously think twice about getting into.

Condominium insurance protects your family and your finances against bodily injury, property damage, and litigation against you for the limits that you choose when opening your policy. The insurance will also provide payment for medical expenses that are covered under your policy as well. You can get an umbrella policy if you feel you should have high levels of protection and it will probably cost less than paying for very high limits with your regular condo insurance policy.

Options in Coverage Types

You can get insurance coverage options that help to protect you from a variety of circumstances but general policies are fairly inclusive for most damage types. Things that you will want to think about adding include:

  • Scheduled Personal Property: If you have any very expensive items such as antiques, jewelry or fine art that you want protected against theft or damage, you should include that coverage in your policy, otherwise your claim for that high-ticket item may be denied.
  • Extended Replacement Costs: Normally, if your personal property is damaged as in a fire, the amount you are paid to replace those items is depreciated based on the current value, not based on how much you paid for it. With extended replacement costs, you will be paid what you paid for the items.
  • Flood Insurance: If you live in an area that may be subject to flooding or hurricanes, you may want to look into purchasing extra protection against flood damage caused by natural events, as these are not normally covered by a regular policy.
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