Why Every Condo Owner Needs Condo Insurance

Condo insurance is one of your responsibilities as a condo owner. Chances are that your mortgage lender requires you to have this insurance. If not, your condo board certainly will. If you don’t have condo coverage yet, call us now at Anchor Insurance Agency LLP in Plymouth, MN 

Coverage for Your Condo

There are several coverage types that are all rolled up into one policy. One of these is protection for the condo itself. Unlike home insurance, it doesn’t cover the entire building. The exterior walls and generally not covered under these policies. The exception is that you have made an improvement to the outside and need to cover that. When you get your condo covered, it usually covers the inside part of the outer walls and inward from there. This depends on whether you own what’s inside the outer wall, though. If so, that area, which includes electrical wiring and plumbing pipes, will have to be covered by your policy as well. 

Protect Your Belongings

All of your possessions that are inside the condo are also covered by your condo policy. If something were to happen that destroys or damages your items, your condo insurance would pay for you to repair or replace your items. This coverage comes in handy after a covered incident like a disaster that could ruin all of your belongings. And without your policy, you would pay for it all. 

Liability Coverage

Condo policies also have a component that is for your liability. If someone were to be inside your condo and have an accident, they may have medical bills due to injuries. And chances are that you are liable for paying those bills. With condo insurance, the policy pays them. 

Get Condo Coverage

If you own a condo and don’t have insurance for it yet, call us at Anchor Insurance Agency LLP in Plymouth, MN.