If you own a condo in Catonsville, MD, you probably appreciate that you are getting the best of both worlds. You don’t have to take care of the property, but you still get the benefits of owning your condo and being able to sell it later or transfer your rights.
You may have been encouraged to obtain a policy for condo through HBW Insurance Group, and in fact, if you still owe money on your condo there may be a condition that you keep an insurance policy until your loan is paid off. Why is it important to have an insurance policy on your condo when you don’t own the condo? Part of your homeowner’s association fees doubles goes toward paying the insurance for the buildings.
As a condo owner in Catonsville, MD, you are responsible for everything in your condo, including the physical structure within your walls. That means that if anything happens within your own area, you are responsible for repairs, and those repairs can be costly.
You also need to think about the contents of your condo. Your personal belongings include large appliances like a stove and refrigerator and smaller appliances like a toaster and microwave. You also have an entertainment system, furniture, clothing and many other kinds of personal items. Also, if there is a fire or other catastrophe, you may not have a place to stay.
A good insurance policy on your condo will help you deal with all those issues without having to go into your own pocket, beyond the deductible. If you have any questions or would like to find out how to protect your condo, please call HBW Insurance Group today.