Save Big On Your condo Insurance
Let CompareFreeQuotes show you how much you can save on insurance and mortgage quotes
COMPARECONDO INSURANCE QUOTES
COMPARE CONDO INSURANCE QUOTES
Your investments deserve to be covered with the right insurance. Find an affordable rate that works for you and protects against any losses or repair costs toward your condominium unit. A perfect way to own a home is through purchasing your own condominium. Remember that this is your investment, so it is key to have it protected. While many condo owners have coverage under a condo association or an HOA, you still need to have your own personal condo insurance normally known as an HO-6 policy. Most associations will require it when purchasing your own condo.
what is condo insurance coverage?
Your investments deserve to be covered with the right insurance. Find an affordable rate that works for you and protects against any losses or repair costs toward your condominium unit. A perfect way to own a home is through purchasing your own condominium. Remember that this is your investment, so it is key to have it protected. While many condo owners have coverage under a condo association or an HOA, you still need to have your own personal condo insurance normally known as an HO-6 policy. Most associations will require it when purchasing your own condo.
USUALLY COVERED | USUALLY NOT COVERED |
---|---|
FIRE AND SMOKE | EARTHQUAKES |
EXPLOSIONS | FLOODS |
WIND AND HAIL | INTENTIONAL INJURIES TO OTHERS |
THEFT | NUCLEAR HAZARDS |
VANDALISM | DAMAGE FROM BIRDS, RODENTS AND INSECTS |
LIGHTNING | DAMAGE FROM UNDERGROUND WATER |
Why You Really Need Condo Insurance
Condo insurance can help ease the burden of condo ownership. Condominiums are becoming more and more popular, but there is a downside to owning one. It’s not uncommon for a condo owner to experience some sort of loss from flooding or theft. In order to protect your investment, you need an insurance policy like condo insurance. This article will provide 5 reasons why you really need condo insurance that will make sense for any condominium owner.
Condo insurance is essential for the "condo lifestyle"
Most people pay a lot of money for their condo. It might be the only thing you own and it can represent a big investment.
The last thing you want is to have your investment go up in flames or get swiped from under your nose. That’s why it’s essential to have condo insurance so that your property won’t be lost or damaged if there is an incident.
Some more reasons to get condo insurance include peace of mind and protection for other people who come into contact with the building, like contractors and store owners. If you’re worried about something happening, having condo insurance will protect you as well as your property so that you don’t have to worry about it anymore.
If your property sustains damage because of flooding or other natural disasters, your insurer may cover those damages with their insurance policy in case they occur while you are living in the unit.
5 Things You Need to Know About Condominium Insurance
- Condo insurance is mandatory: In order to reside in a condominium, you are required to purchase condo insurance. If you don't have it and something happens, your unit may be seized or maybe even demolished.
- Condo insurance is affordable: The cost of the policy depends on how many people are living in your unit and what type of coverage you want. For instance, if you're looking for just basic coverage with minimal restrictions, it will cost significantly less than if you're looking for a more comprehensive policy.
- Condo insurance is easy to get: Most policies are offered by banks, not insurance companies. You can also get a policy from the condo association, which often charges less than an outside agent or broker would charge.
- Condo insurance covers all risks: Just like homeowners' policies, condo insurance covers fire damage and theft, but also includes things like flood damage or earthquake damage that might happen while you're living there. It also covers personal liability when someone causes bodily injury on your property and leaves without paying up.
- Condo Insurance is a no-brainer: When you think about it, there's really no reason to not have condo insurance.
How much is your condo worth?
One of the most important questions to ask yourself is how much your condo is worth. If you have a stake in real estate, you’ll want to know what your property would be worth if a disaster were to occur.
This information will help you make an informed decision about whether or not condo insurance is for you and how much coverage you should consider.
It’s a good idea to compare condo insurance rates online to see what’s available. This will help you get the best price for your risk and protect your investment.