Protect Your Livelihood
Many condo owners enjoy the social aspect of condominium life while avoiding the hassle that comes with owning a house. Due to this, condos have become increasingly more popular amongst all ages. However, while condo insurance offers similar protection to homeowner's insurance, they differ in the amount of property they cover.
It's important to have comprehensive condo insurance to ensure your investments and your personal property are protected. Contact King Insurance today to determine what kind of coverage your condo needs and receive a free, no-obligation quote.
What Is Condo Insurance?
As opposed to renting an apartment or owning a home, a condo is a good alternative that requires its own specific insurance needs. Condo insurance is used to protect against losses and the repair costs of a condo unit. Additionally, it can help protect against theft and vandalism, fire damage, and water damage.
Do I Need Condo Insurance?
Condominium owners in Florida used to be required to purchase condo insurance, but now condo associations may require proof of a condo insurance policy. Condominium insurance policies can help protect both your personal property and the interior of the unit. In addition, many policies offer protection for bodily injury and property damage to others and can cover the building itself, common areas, and liability insurance for the condo association.
What Is Covered By Condo Insurance
Like homeowner's insurance, condo insurance will protect against the same types of loss but, unfortunately, won't cover property damage caused by flooding or earthquakes. Below, you can find areas of coverage usually covered by condo insurance.
Personal Property Coverage
As a condo owner, you are bound to have decorations in your space. Personal property coverage can provide protection for some of these items, such as clothing, furniture, and electronics, in the event that they have been damaged, stolen, or destroyed by an event covered in your condominium insurance policy.
If your condo has been damaged by a covered loss and has been determined to be uninhabitable, loss-of-use coverage will help cover living accommodations, such as a hotel and relocation costs.
Dwelling coverage protects the unit's structure and will pay for damage to your condo in the event of a covered loss. How much dwelling coverage will pay for will depend on the policy, meaning whether it has bare walls, single entity, or all-in coverage.
Personal Liability Coverage
Personal liability coverage is used to protect you from being liable for someone else's injury or damage to their property. This type of coverage can also help to pay for attorney fees and court costs.