If you’re a first-time condo buyer, chances are you have a lot of questions about what kind of insurance you need. From HOA fees to special assessments, there’s a lot to learn! But don’t worry, at Deluxe Insurance Group in Blaine, MN, we’re here to help. In this blog post, we’ll go over the basics of condo insurance and what you need to know before you purchase a policy.
The Basics of Condo Insurance
Condo insurance is a type of homeowners insurance that is specifically designed for condo owners. Like other homeowners insurance policies, condo insurance covers your personal belongings and provides liability coverage in the event that someone is injured while on your property. Condo insurance also covers any damage that is caused by things like fire, smoke, water leaks, and theft.
One of the most important things to know about condo insurance is that it does not cover damage to the structure of the condo itself. That’s because the condominium association’s master insurance policy covers the building itself. However, your condo insurance will cover any damage that is caused by your negligence, such as a kitchen fire that spreads to another unit.
What Does Condo Insurance Cover?
Condo insurance policies typically have three main coverage types: personal property coverage, liability coverage, and loss assessment coverage.
Personal property coverage protects your personal belongings in the event that they are damaged or stolen. This can include items like furniture, electronics, clothing, and jewelry.
Liability coverage protects you in the event that someone is injured while on your property and decides to sue you. This can include things like slips and falls, dog bites, and injuries that occur during a home invasion.
Loss assessment coverage protects you in the event that the condominium association assesses all unit owners for damages that exceed the association’s master insurance policy limits. This can happen after something like a major fire or natural disaster.
Get Condo Insurance Today
We hope this beginner’s guide has been helpful! If you still have questions about condo insurance or any other kind of homeowners insurance policy, be sure to contact Deluxe Insurance Group in Blaine, MN for more information. We would be happy to help you find the right policy for your needs.