How Does Condo Insurance Protect Someone?

When looking to purchase a condo unit, most mortgage lenders will insist that you begin by obtaining condo insurance coverage if you must convince them to approve your purchase. As a newbie, you might wonder what condo insurance refers to and how it can be of use. Assuming this is your case, our post today is dedicated to you.

Condo insurance typically resembles a homeowner’s insurance but with a few distinctions. It protects you, your condo, your property, and other people in case of mischances. According to Cary-Wheeler & Associates Inc. in Richmond, VA, condo owners who insure their unit have peace of mind because:

It covers liability costs

You could be the type of buddy who likes welcoming guests, but did you know they can encounter accidents while at your unit? Yes, a slip can cause your guest to fall and break his hand. You’d have to cover his/her medical bills. However, with condo liability coverage, you incur no costs.

It protects your valuables

Besides protecting other people visiting your home, condo insurance guarantees the safety of your valuables such as furniture, electronics, clothing, appliances, and other assets.

If anything unforeseen causes you to lose any or all your valuable, your condo insurance takes responsibility and compensates you accordingly.

It covers loss of use

At one point or the other, perils can occur, necessitating you to renovate your unit. When such a thing happens, you will want to look for a temporary place to stay until you are done with the renovations. Your condo insurance comes in to help you relocate to a new location by covering additional living expenses. 

It protects the interior of your condo unit

Your condo insurance also protects the interior structures of your units. If anything happens to interior structures such as walls, ceilings, flooring, and so forth, your insurer takes care of it.

Buy condo insurance today

As you can see from this post, the importance of obtaining condo insurance can’t be stressed enough. You are risking your wealth if you haven’t yet obtained coverage from Cary-Wheeler & Associates Inc. in Richmond, VA. Contact us today for a quote. 

Do I Need Condo Insurance in Virginia?

It’s easiest to think of condo insurance as being somewhere between renter’s insurance and home insurance, with the former not being mandatory by the state of Richmond, VA. The purpose of home insurance is to protect the bank if your mortgage isn’t paid off. But it’s still a good idea to have it as protection if something happens where the homeowner finds themselves in litigation or with damage to the property. However, homeowner’s and condo insurance are quite different. 

Differences Between Homeowner’s and Condo Insurance

The major differences between these two insurance policies can be found in the definition of primary dwelling, other structures, and personal property. To put it another way, condo insurance covers what you own, the inside unit, and your possessions, while homeowner’s insurance covers the entire property. For a condo, you will have a condominium association policy covering the outside of the condo, including common areas, but you still need to protect the inside. Working with a reputable agent from Cary-Wheeler & Associates, Inc. will help you determine what parts of your condo need condo insurance coverage.

What Kind of Condo Insurance Should I Get?

You can secure different coverage types when purchasing condo insurance, replacement cost coverage, and cash value coverage. If you opt for cash coverage and your possessions are stolen or damaged, you’ll be reimbursed in cash for what you originally paid for the item(s). If you opt for cost coverage, you will be reimbursed according to the item’s current value. Keep in mind that you need to insure the contents of your condo, as well as its structure. Contents include valuables, furniture, electronics, and appliances, while structure includes lights, flooring, and countertops.

If you want coverage if something happens, it’s a smart move to have condo insurance in Richmond, VA. The team at Cary-Wheeler & Associates, Inc. can help.