For most people a Condominium represents a significant investment, but more than that, they are homes. When it comes to home, everyone wants stability and safety. By covering common risks such as fire, theft, and other hazards, insurance provides peace of mind for condo owners.
Condo insurance is something that every condo owner should consider. The exterior of the building is normally covered by the condo association's insurance, but the interior of a unit needs coverage as well. No one should consider going without it.
What Is Covered?
Condominium insurance includes coverage for both belongings and liability. Everything from valuables, to appliances, to personal belongings is covered with accompanying exclusions and limitations. Common causes of damage to property include lightning, frozen pipes, and vandalism.
Liability coverage can be a lifesaver. If a guest or worker is injured on the premises, legal fees and medical bills can be a huge problem. Based on circumstances, Condo insurance can cover these risks. Without coverage, people can find themselves bankrupted by the expense of a lawsuit. Common risks faced by homeowners, such as dog bites, are also commonly covered by condo insurance.
For people who own a condo but rent it out to others, there are additional issues to consider before purchasing insurance. Certain coverages are very important for landlords. An example is fair rental value.
Fair rental value coverage insulates owners against financial losses while a unit is repaired, and no rent is being collected. Coverage needs for landlords are best discussed with a qualified agent, as rental situations can vary widely.
Condo Insurance Quotes
There are plenty of options to consider when it comes to condominium insurance. It is important to go over these with an agent and ask questions before making a final decision.
If you live in Beaverton, Portland, or throughout Oregon or Washington, contact us at Fox Insurance Agency. As an independent agency, we can provide quotes from several highly regarded, nationally known insurers. Contact us today. We work with clients throughout Oregon and Washington state. We are always ready to discuss condominium insurance, and would be happy to help you find a policy that suits your home.
The information in this article was obtained from various sources and is not all inclusive regarding the subject matter. This content is offered for educational purposes only and does not represent contractual agreements, nor is it intended to replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. The definitions, terms and coverage in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.