Benefits of Condo Insurance

Several cities in Minnesota are increasingly becoming urban. This has led to residents of the greater Plymouth, MN area resort to renting or buying condominiums. They are more convenient since they are closer to the growing centers. Plus, they offer a hustle-free alternative to typical single-family homeownership. Having condo insurance with Anchor Insurance Agency LLP is the best way to protect your investment. While the condo association is responsible for the external part of your residence, condo insurance is used to protect your valuables. Some of the benefits of owning condo insurance include:

Liability coverage

If accidents happen inside your condo that are as a result of your fault, you are liable for any bodily injury or property damage costs towards a third party, and that’s where this policy bails you out. In addition, if you, your family members, or guests cause damage to the common property, then this policy will cover the cost of repairs.

Loss of use

Sometimes, a covered loss may render your condo inhabitable, thereby requiring you to relocate while repairs are done. Condo insurance will cover the additional living expenses that you may incur during this time, like the costs of renting a temporary residence.

Covers personal belongings

Your personal belongings (furniture, jewelry, fine art, appliances, electronics, etc.) face several risks such as theft, vandalism, water damage, and fire every single day. Condo insurance protects them from such risks by covering the cost of replacement.

Covers the interior         

The condo association is responsible for the external physical structure of the condo building, but as a condo owner, it’s your responsibility to protect the inside. For instance, damages caused to your drywall, fittings, fixtures, and carpets are covered by condo insurance.

At Anchor Insurance Agency LLP, we provide affordable and reliable condo insurance policies for the residents of Plymouth, MN and surrounding areas. Our agents will help you understand what coverage suits your needs. Contact us for further information.