Condo Insurance Policies
Condo insurance is special insurance for people who rent or own condominiums. Condo associations usually govern and protect condominium renters and their property. However, a person who lives in a condo that the condo association does not govern is responsible for anything that happens on or to the property. The only way a person can alleviate himself or herself from these responsibilities is by purchasing a condominium insurance policy.
What Condominium Insurance Covers
Condominium insurance covers a wide variety of situations and instances. One thing that it covers is personal property. Therefore, the insurance company will replace any personal items that become damaged or broken during a natural disaster. Additionally, the insurance covers the condominium.
How Condominium Insurance Works
Condominium insurance works in the same manner that other insurance policies work. The insured person pays a monthly premium to keep the level of coverage that he or she requested. That person calls the insurance company the moment something happens to the property. The insurance company then investigates the incident and make a decision on the claim. If the insurance company decides that the claim is valid, then it will write the insured person a check so that he or she can perform repairs on the home or replace the items that he or she lost.
Different Types of Condominium Insurance
Several different types of condominium insurance are available to consumers. One type of condominium insurance is building property protection. This special insurance covers additions and special attachments that the owner places on the unit. Personal property insurance covers items such as toys, electronics, and furniture. Loss of use coverage is an extra insurance item that covers a person while he or she is waiting for condo repairs. Loss of use insurance covers motel and hotel stays or apartment rentals during that time.
Personal liability insurance is a type of condo insurance that covers other people when they become hurt in the condo owners unit. It offers payments to a person who may file a personal injury case. Interested condo dwellers can request info on the various coverage today.