A condo is a great alternative to living in an apartment or a home, and can offer more space, more living area, and more amenities. But since a condo is a special kind of residence, it requires its own insurance policy.
Condominium Associations have strict and written agreements about your duties as an owner. Condominium Insurance protects your belongings and additions and improvements you may make and mitigates any liability.
You may add “Loss Assessment Coverage” to your Condo Insurance policy that will safeguard your investment and compensate you for any living expenses you may incur if you are required to move from your home in the event of any damages that are covered by your policy.
Should you suffer losses, it would be in your best interest to have “Full Value Personal Property” added to your Condo Insurance. This will ensure that you are compensated for the full cost of replacing anything that was damaged.
It is in your best interest to be fully aware of all of your responsibilities with regard to your Home Owner’s Association Agreement and Damages. The Association may impose an assessment on all owners for the deductible on the Association Policy.
You and your family are protected against bodily injury, property damage liability claims and any litigation that results, up to the limit of your Condo Insurance. You may also elect to include medical coverage that pays for any medical expenses an injured guest may incur – no matter who is to blame. You choose the limit.
“Personal Umbrella Liability Insurance” may be added to your Condo Insurance Policy to provide even greater protection. Should you also have valuables such as: jewelry, art, antiques or collectibles, check with your agent about Valuable Articles option. This option will give you even greater coverage should there be a loss and there are no deductibles. With Condo Insurance Services, your protection will be extended beyond what is provided by the Condo Association. This insurance will help to reimburse you for any cost of replacement of your personal property and gives you the basics of liability coverage for bodily injury or property damage.
Condo Insurance is used to cover damages done to the inside of your home. The insurance is used to compensate you for expenses incurred in repairing or replacing damages to things, such as: drywall, flooring, light fixtures, and more.
Get in touch with one of our Insurance Specialists today to find out the correct insurance and the proper coverage needed to ensure that you are properly covered against losses and liabilities. – Call 843-438-1524
MB Insurance Services
Myrtle Beach, SC 29577