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Condominium Insurance (AKA Unit Owners Insurance)

What Is Condo Insurance?

Condo or co-op insurance is like diet homeowners insurance. It’s close to the real thing, just a little bit “lighter.” Basically, after a policy is purchased, the insurer will help to pay the tab to recover the value of what you have (under coverage) if it’s damaged or stolen due to a set number of causes.

Is Condo Insurance Mandatory?

Technically, no. But if you have a mortgage, your lender will most likely require it before they dole out the dollars. If not, then coverage will be your call, but of course, we highly recommend protecting you and your stuff.

Why Should I Buy Condo Insurance?

Consider for a second the cost to replace all your stuff after an unexpected disaster. Or imagine that a house guest injures themselves at your monthly wine-night party and sticks you with the medical bills.

Hopefully you’ll never experience those scenarios, but having a legit policy that will protect your bank account will be worth the small chunk of change you’d shell out annually.

What Does Condo Insurance Cover?

Since your condo association has their own coverage that protects the exterior, common areas and so on, you and your insurance are only responsible for what happens inside. More specifically, a condo policy will protect you with a trio of coverage's, including dwelling, personal property and liability.

Introducing the three forms of condo insurance coverage:

  • Dwelling: Protects you in the event of structural damage.

  • Personal property: Protects your goodies from theft and damage.

  • Liability: Helps to pay expenses like medical bills if you or a guest are injured on your property.

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