Top 5 reasons to get condo insurance

If you own a condo in Plymouth, MN, you might not think of extra coverage since you already contribute to the condo owners association (COA) master policy. The reality is that the COA policy covers damages and liabilities occurring in common areas such as the swimming pool and the lobby. For losses or damages happening inside your condo, that’s your headache. For this reason, condo insurance from Anchor Insurance Agency LLP becomes a must-have investment to protect you when the unexpected knocks on your doors.

Here are the top 5 reasons you need to draw your check and invest in condo insurance.

To protect your belongings

If it were not for the electronics, furniture, and fixtures in your condo, your dwelling would just be an empty house. Since these assets mean a lot to you, it makes sense to invest in coverage that compensates you when damages and losses occur to your belongings. And that’s where condo insurance comes in.

To cover liability claims

If you, your family member, or your pet cause property damage or bodily injury to third parties, you could be held responsible for the ensuing medical or property damage costs. Luckily, condo insurance ensures you don’t incur out-of-pocket expenses when liabilities come calling.

Loss of use

If a risk listed in your condo insurance makes your dwelling unlivable, condo insurance steps in and pays for the additional living expenses you may incur while seeking temporal shelter. Costs covered include transport costs and hotel food, accommodation, and laundry.

To cover the interior of your condo

The master policy covers the exterior of the building, but for the inside, you are responsible for the damages. Condo insurance covers the interior of your building, including the walls, fixtures, and fittings.

Loss assessments and deductibles

Should the COA policy fail to cover the claims, condo owners can be assessed to cover the additional cost. Thankfully, you don’t have to incur this from your pocket if you have condo insurance.

Ready to invest in condo insurance? Please get in touch with Anchor Insurance Agency LLP of Plymouth, MN for an affordable condo insurance policy.