If you aren’t interested in owning a home because you’ll have to maintain it, you may opt to purchase a condominium. Just like if you had a home, though, you would want to protect your investment. Condo insurance from HBW Insurance Group, serving Catonsville, MD, can help you do just that. Here is a look at a few benefits of purchasing this type of insurance policy.
Protects Against Disaster
With condo insurance, your possessions and home are both protected. You are reimbursed to a certain amount, as long as the event was a covered one. Usually, you can expect to be reimbursed for costs associated with damage like tornadoes, hurricanes, fire, smoke, theft, and vandalism.
Protects Against Liability
Most condominiums have a master policy that offers protection if someone is injured in the common areas of the building. However, if someone visits you in your condo and suffers an injury, the master policy may not kick in, which is why you need your own insurance. Condo insurance offers protection against personal liability as well as legal costs, should the situation escalate that far.
Maintain Compliance with Your Contract
Depending on where you live, condo insurance may or may not be required. However, individual HOAs have the legal right to require condo insurance before you are permitted to move into the space. At the same time, if you have a mortgage on the condominium, you will likely be required by the lender to carry a certain amount of insurance. To ensure you are meeting contractual obligations, read your HOA agreement and/or mortgage paperwork.
When you are in need of condo insurance in Catonsville, MD, contact HBW Insurance Group.