The Top 3 Reasons You Need Condo Insurance

If you’re living in a condo in Plymouth, MN, it’s essential to understand what exactly condo insurance is and why you need it. Many residents believe they’re already covered by the master policy held by their homeowner’s association. Unfortunately, this is not the case.

Typically, this policy only covers the structure and any common areas, meaning you’ll need your own plan for everything else. Here at Anchor Insurance Agency LLP, we work hard to help condo owners just like you find the right insurance coverage so you have the protection you deserve.

Personal Property Coverage

One benefit to having your own insurance policy is personal property coverage. The HOA’s master policy is unlikely to cover items within your condo, so your belongings, such as your furniture, electronics, clothing, and other valuables, will need to be replaced out-of-pocket. With this type of coverage, you can rest easy knowing that your personal belongings are protected in the event of a disaster.

Liability Coverage

You could be held responsible if a guest sustained an injury while in your condo. With liability coverage, you can be sure that if you are found to be at fault, you aren’t left paying medical bills and other costs on your own. Most condo insurance policies you purchase will automatically come with this type of coverage. However, if you frequently have visitors, you’ll want to ensure that liability coverage is part of your policy.

Living Expense Coverage

If there’s damage to your condo that requires you to find alternate accommodations, living expense coverage ensures you won’t have to pay for the cost on your own. This type of coverage can include the cost of your hotel stay, food, and more.

Find the Right Condo Insurance for You Today!

When you need to insure your Plymouth, MN condo, contact the Anchor Insurance Agency LLP team today. We can help you make sure that you have the coverage you need.