The next step after purchasing a condo is protecting your investment with condo insurance. At HBW Insurance Group, we offer a number of condo insurance options to suit every need. We’ll also help you sort through misconceptions about this coverage so you can avoid costly mistakes in your policy. Here are just a few misconceptions to watch out for when insuring your Catonsville, MD condo.
Misconception: Your condo association’s master policy protects your unit so there’s no need for additional insurance.
Your association’s master policy covers damage to your building and common areas, not your individual unit and certainly not your personal belongings. By obtaining an individual condo insurance policy, you can protect the interior of your unit and your personal goods against any eventuality.
Misconception: Condo insurance only provides protection for personal property.
Condo insurance offers much more than property protection. In addition to protecting your personal goods, condo insurance can protect the interior of your condo to include ceilings, walls, floors, cabinets and built-in structures against fire or storm damage. Condo insurance also protects you against liability claims and helps recompense you for living expenses if you have to leave your condo due to extensive damage from a major disaster.
Misconception: Upgrades to your condo are automatically covered by your dwelling coverage.
Renovations to your condo aren’t automatically included in your policy. You need to add them to your coverage by updating your policy. We’ll help you include these upgrades in your insurance and adjust your premium accordingly.
Misconception: Condo insurance protects you against flood damage.
Standard condo insurance doesn’t cover flood damage to your abode. You can, however, add this protection to your coverage by purchasing a separate flood insurance policy.
For more information about condo insurance and the protection it provides, contact HBW Insurance Group in Catonsville, MD.