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.