How Condo Insurance Protects Your Finances

Owning a condo comes with a number of responsibilities, and one of those is having condo insurance. If you have a condo that isn’t insured, or it isn’t insured enough, call us at Anchor Insurance Agency LLP in Plymouth, MN to find out more about this insurance type.

Your Dwelling

When you own a condo, you own certain parts of your dwelling, namely, the inside. The outside of it and the common areas are the responsibility of the condo board. Your dwelling only includes the space that you own, which is often declared to be from the inside walls. Your condo insurance covers these areas and can payout when there is damage to it. This is important coverage to have so that you don’t have to make major repairs from your own pocket. 

Your Belongings

It isn’t just your part of the condo that is protected by condo insurance. It also covers all of your belongings inside it. If there were to be an incident that destroyed or ruined your possessions, your condo insurance can pay to have many of them replaced. It’s a good idea to always have an inventory of your expensive belongings so that you can let the insurance company know what you owned. Taking a video of your furniture and electronics is often recommended for doing this. 

Your Standard of Living

If a terrible incident did occur and your condo was made uninhabitable, your condo coverage would pay your expenses to live elsewhere. You get to keep your standard of living by having a habitable place to go and having the fees for living there paid for. Even expenses for your move can be covered. 

Protection for Your Condo

If you need your condo insured, contact us today at Anchor Insurance Agency LLP in Plymouth, MN to discuss it with an agent.