Buying a condo provides the luxuries—namely, tax incentives and building equity—of ownership, in combination with the ease of apartment living. While you do own your property, you don’t have to waste your time worrying about mowing the lawn or repairing the roof. That stuff is all up to the Homeowner’s Associations (HOA).
And similar to an apartment, the HOA fee you pay goes toward maintaining common areas and insuring the building structure, often including the roof and foundation. However, from the sheetrock in, you’re responsible for your own unit. Purchasing condo insurance helps protect your investment in real estate, along with your possessions.
Condo insurance offers protection in three big ways:
1. It covers your property. This includes both building property (like cabinets and fixtures) and personal property (like furniture, appliances and clothing).
2. It protects your finances in the event that a visitor suffers an injury on your property due to something you could’ve prevented, like tripping over clutter.
3. It provides funds for temporary living expenses if your condo becomes uninhabitable due to a covered loss.
Since the HOA covers the exterior of the building, condo insurance is often less expensive than home insurance. After all, there is less to cover. But even so, condo insurance provides valuable coverage in the event of fire, severe storm, theft or vandalism (flood and earthquake coverage must be purchased separately). Call your independent insurance agent for a free quote today.
Protect your home and the assets within. Call Jack L Bonus Insurance Agency at (724) 452-8722 for more information on condo insurance.