Condo insurance works very much like home insurance, but there are distinct differences. A condo generally doesn’t come with an outdoor space, and the owner doesn’t own the entire building. Condo insurance is explicitly written for condos, so you aren’t insuring any areas you don’t need to. When you buy a condo or want to change your existing condo insurance, call us at Rowledge & Falvo Insurance Agency in Scotia, NY, to discuss a condo policy.
Dwelling Protection
The insurance needs of a condo owner are unique. They don’t own the whole building, and they don’t own the outside walls of their dwelling. The policy will include only the specific areas that you own. The condo board already insures everything else, and you don’t have to pay for covering those areas. This is protection against damaging events, such as certain disasters and calamities, that can cause the condo to need repairs.
Belongings Protection
You have a lot invested in your condo and in the other things you own. Your condo insurance can cover anything in your condo against certain risks. For example, a damaging incident that destroys your belongings can be covered, and the policy will pay to have those things replaced.
Liability Protection
This type of coverage protects you in case someone gets injured while they’re inside your condo. When this happens to a third party, you’re responsible for the medical bills that become due. When you have condo insurance, it pays those bills plus other costs like legal bills and lost wages.
Get Condo Insurance
Going without condo insurance is never a good idea, and your condo board will require it. Call us at Rowledge & Falvo Insurance Agency in Scotia, NY to get started.
