When your dream is to own a condominium; nothing comes close to what you feel when you finally buy it. While you will be excited to own this dream residence finally, it is important to take care of certain duties like buying condo insurance.
So many things can go wrong, in which insurance will be of great help. The fact that you own a unit like other people in the same complex makes things complicated. Those will be times when you need to have condo insurance in place. Should an accident happen, condo insurance will prevent you from incurring high costs. You can see how it is beneficial below.
You will have master insurance that id in place to cover the whole complex, and you make monthly contributions to its premiums. The cover may be present, but it is not sufficient for your needs.
While the master policy will cover the entire building, it only covers the structure and common areas, not inside your condo. Should a fire ever bring down the condo complex, the master insurance will pay for its new construction. Everything inside your condo will however not be paid for. You still have to cover the cost of all fittings, fixtures, and even interior walls.
You will also find there is a need for liability protection. If someone is injured on the property, it will cover the costs and damages, but only if it happened in the common areas. But any accident caused in your condo or originating from your condo, then you will be liable.
Condo insurance also goes further and covers personal property. Damage to personal property tends to happen within your condo where the maser policy is useless. Condo insurance steps in and ensures your safety against theft, damage and destruction of your personal property.
You will also need it should the master policy give off a loss assessment and deductible. It can happen that the master policy did not adequately cover you, owners,. You therefore have to cater to pay additional costs after it has been effected. If you have condo insurance; you will be saved from such expenses.
You will also find it most beneficial when it covers for any costs in alternative accommodations as your condo is being repaired. If an event happens that needs you to stay elsewhere as your condo is being repaired, you would incur heavy costs if you did not have such a cover.
It also helps maintain the spirit of community. There may be an incident that leads to damage on a person’s condo caused by another owner, and a lawsuit will bring strain on relations. But where this policy is present, such costs will be avoided. The communal spirit will, therefore, be revived much faster.