Condo life has several perks. In most cases living in a condo community means you will not be required to think about lawn maintenance, home maintenance, taxes, or homeowner’s insurance. This can be a great stress-free option for many people. However, many condo owners and renters do not realize the importance of maintaining condo insurance. At HBW Insurance Group, serving Catonsville, MD, we love to take the opportunity to educate our clients or future clients on important insurance topics. Keep reading to learn about condo insurance and why it is important.
Do You Need Condo Insurance?
Many people assume that the condo community will carry insurance to protect your condo. It is true that the condo community or HOA will carry an insurance policy. You may even be required to pay a fee toward this insurance, however, you should note that this type of insurance does not cover your personal belongings within the condo, nor does it cover some aspects of the condo itself. The HOA policy generally covers the property, the common areas of the community, and only certain aspects of the condo itself.
What is Condo Insurance and What Does It Cover?
Condo insurance is a type of insurance that is purchased by you the condo owner or renter. This type of policy will cover everything within the walls of your condo. This includes the structures as well as your personal belongings. If there is damage within the walls of your condo, this type of insurance will kick in to help your repair or replace what is damaged or lost.
Condo insurance can also include liability insurance. This type of insurance is crucial to have if someone is injured while in your condo. This policy will kick in to help cover any costs that you are liable for due to the injury.
If you would like to learn more about condo insurance, please contact our friendly staff at HBW Insurance Group, serving Catonsville, MD today.