Sherzer Insurance Blog
Insurance is a part of owning a condo that is most misunderstood by individuals. Several condo owners think that insurance is unnecessary because there is a master insurance policy, and you might also be perceiving it this way. However, it is essential to consider your condo insurance aside from the existing system. You can note the following reasons why having condo insurance is essential this 2020.
Master Insurance Doesn't Provide Coverage For Your Interiors.
Your condo association holds master insurance, but it does not cover all things. Master insurance usually provides coverage for building structures, hallways, and other common areas. Based on the insurance policy, it only covers the walls and exteriors in your condo unit, which means that your interiors have no coverage.
As the condo owner, you need to take into account the necessary coverage for your interior aspect. Condo insurance can cover any damages to that part and can restore your unit.
A Requirement Of Mortgage Companies
A mortgage company requires you to buy condo insurance when you obtain your condo with a mortgage. This guideline is necessary because it provides you the right coverage in case of massive damage or fire since they are letting you borrow money according to your entire property's value. Your interior's furniture and fixtures are a few things covered with this.
You Need To Protect Your Personal Belongings
Besides your condo unit itself, another consideration you must keep in mind are your personal belongings. These things comprise your electronics, bedding, jewelry, furniture, and more. There is a particular amount that your condo insurance policy can cover for your belongings. You need to carefully review this aspect because the information is essential and consider increasing your insurance coverage for more valuable items, such as artworks and your collections.
You Should Have Liability Coverage
Personal liability coverage is another significant feature that condo insurance has. When accidents happen in your condo unit, or someone is physically injured, you can be liable for that. You might end up shouldering all the expenses, such as medical bills and legal fees brought by the incident.
Condo insurance provides coverage that your master insurance policy doesn't include. This 2020, it is beneficial to consider protecting your unit's interior, personal belongings, and liability costs if others get injured in your condo unit. Seek the right insurance provider that can cater to your insurance needs now.
At Sherzer Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (239) 673-9301. Get your free quote today by CLICKING HERE.