If you own a condo and rent it out, then investing in condo insurance is the right move for you. It’s crucial to protect your property and belongings from potential risks and condo master policies can be very complex. Condos are commonly improperly insured because the agent did not ask the right questions. Having an agent that understands condos, particularly from a property investment perspective, is very important. You don’t want to end up paying for the repairs to your property if an incident were to occur, so get insured today.
Here at Property Insurance HQ, we can help insure your property by providing you with affordable and quality coverage. Protect what you love, give us a call today or fill out our free online quote form.
The short answer is YES! Your property can be damaged, and your possessions can be stolen or broken. Also, accidents can happen, and people can get injured while on your property. In most cases, your building will require you to have condo insurance as well. You don’t want to be stuck paying for damage or medical bills, so get insured today!
You will want proper coverage to protect you in case of a total loss. The amount of coverage you need depends on the location of the property, the value of the items inside, the size of the condo, and if your lender/HOA requires a specific amount.
If you own a condo, adding loss assessment coverage to your policy would be a good idea. Loss assessment coverage protects you when you live in a shared community and say someone gets hurt in one of the common areas like the pool, parking lot, lobby, etc. If an incident like this were to happen and someone sues then everyone may have to split the remaining fees if the claim isn’t completely covered by the master policy. If there are damages to the shared property or to the building itself, you may have to pitch in to pay for the repairs as well.
Contact one of our agents today and they will discuss different coverages and help you figure out what will work best for you and your condo.
The cost of condo insurance varies from person to person. Several factors can affect the cost, such as: