Living in a condominium has been called the “best of both worlds”: you have access to the amenities and services of a larger development, but also enjoy some independence. However, condos come with their own set of risks that can be mitigated with a well thought out insurance policy.
What Kind of Condo Insurance is Available?
Condo Insurance can be broken down into three main types: property, liability and content.
Property insurance protects the value of your unit in case of damage or loss caused by things like fire, flood or vandalism. It also covers you for legal fees if someone is injured at your residence.
Liability coverage responds when you are legally responsible for bodily injury and property damage to others and your legal defense costs.
Content Insurance covers your personal belongings like furniture, electronics and clothing up to a certain amount.
An important step is to determine what type of condominium you live in: An attached or detached unit; a purpose-built building (part of a larger development) or an owner-occupied cooperative (where you own a share in the building not the unit). Since condos and cooperatives typically have shared common areas (hallways, elevators etc.), these factors can affect what is and is not covered.
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