Mowing grass, cleaning the pool, and shoveling snow are some things you don’t have to list as a chore if you are a condo owner. However, condo insurance is always a smart choice to acquire. While your unit is under the condo owners association (COA) master policy, you need to know what exactly it covers for better coverage of your condo. Your COA’s master policy covers the building itself and common areas, such as the pool and gym. Note that COA coverage differs from one association to another, so be sure to ask what yours covers.
When you need condo insurance
Understanding condo insurance can be challenging, especially for those not familiar with the insurance landscape. Thankfully, at Windgate Insurance Agency Inc., located in New Windsor, NY, we will break down condo insurance to make the content easily digestible.
That said, let’s start with one of the most frequent questions we get from condo owners: When is condo insurance required?
When taking a mortgage
Unlike auto insurance, condo insurance isn’t required by law. However, if a mortgage finances your condo, your lender requires you to carry condo insurance as long as your mortgage is outstanding.
Why do I need condo insurance?
While condo insurance isn’t mandatory, it’s recommended you carry one for the below reasons.
To protect personal belongings.
Yes, your condo association has a master policy, but this doesn’t protect personal assets. That said, you need condo insurance to protect your electronics, jewelry, furniture, and other assets from fire, vandalism, and theft.
To cover additional living expenses.
If your condo is uninhabitable for one reason or another, condo insurance covers additional living expenses such as accommodation and meals in case of a hotel stay.
Because condos are within proximity of each other, there is a likelihood you might cause property damage or bodily injury to your neighbors. But just like homeowners’ insurance, condo insurance pays for damages and medical expenses for third-party loss caused.
Searching for condo insurance? Don’t look beyond Windgate insurance Agency Inc., serving New Windsor, NY, and the surrounding areas. Are you bothered by your unique needs? Don’t be. We are here to provide customized condo insurance coverage to address individual needs. Contact us today.