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Condo Insurance Quotes

When we purchase a condominium, we become the rightful owner of that condominium and get an undivided interest along with the remaining unit owners in the jointly owned areas. Many such unit owners form associations to manage the condominium and also get insurance coverage over it. This is called as a Condominium Insurance. But is it enough to provide proper protection against all calamities?

The classical concept was this that health and theft insurances are enough for a person and these can take care of each and every risk that comes in the life of a person. But it was not so. Condo insurance has got several benefits. The benefit of condo insurance is as follows.

Building Insurance: In case a common property burns down then the master policy will pay for the reconstruction of the building; but that’s just it. There will be no additional payment for the interior loss like interior fittings, paintings or furnishings. At this time a condo insurance coverage by the condo owner is a great help in the renovation. Condo insurance at this stage even pays for the replacement of carpets, lights and bathroom fittings.

At times of natural disasters like floods, earthquake etc it is likely that house owners may need to shift to temporary settlements like hotels and wait for the renovation to be completed. Condo insurance is a great help paying off these hotel bills.
Small everyday problems like water leakage from pipes, electrical short circuits, and kitchen fires can cause a lot of damage to the interior of your condo that calls for condo insurance.

Liability Cover: Condo insurance pays in case someone gets injured on the property. For example if someone slips and gets his foot fractured then the bills can run to be a huge amount. Even a simple event like your kid breaking the window glass of the neighbor can lead to a case in court. At this time condo insurance will cover you for claims of property damage caused by you and your family.

In case of any dispute within the condominium, the law may take any course but finally you have to stay in the same community with the same neighbors. Condo insurance helps effectively resolve any differences arising between owners living in the same condominium.

Before opting for a condo insurance care should be taken to know about the rules as they vary from region to region. Many times it may feel like condo insurance is a waste of money; but as is said, piece of mind is always priceless.