You may have wanted for the longest time to buy a condominium, and you now have. While you will be excited to own this dream residence finally, it is important to take care of certain duties like buying condo insurance.
If you ever face certain challenges, insurance will be there to help you out. When you own a unit among other owners in the same complex, there can be plenty of complications. Condo insurance will help cover any needs you may have under such conditions. Should an accident happen, condo insurance will prevent you from incurring high costs. Here is how you find it most beneficial.
There is normally master insurance that covers the entire complex, of which you and other condo owners pay a monthly fee. You may be covered, but it is not adequate to keep you safe and free from needing other policies.
A master insurance policy is concerned with the building and common areas, but does not cover the inside of your condo. If the complex is damaged by a fire, for example, the master policy pays for the construction of a new building. But all the items in your condo will not be compensated. You still have to cover the cost of all fittings, fixtures, and even interior walls.
The master policy liability cover is also effective outside your condo. You will see it active if the injury caused happened in the common areas. But if the accident happened from inside your condo to the outer section, the building’s association will expect you to foot the bills.
Condo insurance also goes further and covers personal property. If there is ever damage to your personal property, it will likely happen within your walls, where the master policy is ineffective. You need condo insurance to protect you against theft, damage and destruction of your personal property.
You will also need it should the master policy give off a loss assessment and deductible. There are cases where the master policy underinsured the owners. If there are any additional costs; the owners will be expected to chip in. 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. Should the damage be so extensive that you need to move out temporarily, paying for your accommodation can be expensive.
It is also beneficial when you need to uphold 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 if you have this cover to cater for those costs, you will not feel strain, and it will be cover swiftly. It will help in the revival of the spirit of community.