The primary difference between a condo and an apartment is ownership. Generally, someone living in an apartment pays rent. Someone living in a condo may pay a mortgage, but eventually, the unit completely belongs to them, though they may rent it out to someone. The landlord at an apartment complex is responsible for maintenance. The tenants at a condominium complex may form a Homeowners Association (HOA) that pays for maintenance out of their dues. The individual units of a condo belong to the individual tenants. With ownership comes responsibility, so getting your condo insured’s a good idea.

The Importance of Condo Insurance

To put it simply, unexpected events can occur. Vandalism, fire, theft, injury, and other disasters can happen anywhere, including your condo. Condo insurance will provide you with sufficient financial protection should such a disaster occur. If you don’t have condo insurance, you will have to pay for all repairs and replacements yourself. Moreover, if you have a mortgage on your condo, most banks and lenders will require that your condo be insured. The association may want to look into a condo master policy to cover communal areas such as the pool, gym, boiler room, elevators, lobby, and other amenities. An individual tenant will need HO6 insurance. This policy has different types for different types of incidents. You can discuss with your agent which policies best suit your needs.

Contact HBW Insurance Group in Columbia, MD

If you are in the Columbia, MD, area and want to insure your condo, please contact HBW Insurance Group. Our experienced agents will be dedicated to helping you find the policy best suited to your needs.