Why do I need condo insurance in Plymouth MN if I have paid off my mortgage?

When you purchase a Plymouth, MN condo, your lender requires you to purchase condo insurance and carry a policy for the life of the loan. Once you own your condo outright, you may be able to cancel your condo insurance unless your homeowners association requires it.

However, canceling your policy will leave you without important protection. Anchor Insurance Agency LLP can help you make sure you have the coverage you need.

What Does Your Condo Insurance Cover?

Your condo insurance is basically the same as homeowners insurance, except it probably doesn’t cover the building. Condo insurance protects your belongings, such as furniture, appliances, carpeting and rugs, curtains, clothing, electronics, and other personal items.

Condo insurance also offers other protections, such as liability coverage. If someone is injured inside your home, they may be able to sue for negligence, and your condo insurance would step up to protect you.

What Does The Condo Association Insurance Cover?

Your condo insurance will have its own policy covered by homeowners association fees. That insurance only covers shared areas and public amenities like hallways and swimming pools. That policy will also cover the physical building when there are multiple units in one building.

The homeowners association policy does not protect anything within your home. You are solely responsible for protecting your belongings.

Contact Us Today for Your Options

Plymouth, MN, is a beautiful place to live and a great place to have a condo. Unfortunately, you cannot always predict when something bad will happen. Condo insurance can protect you and your family. Call Anchor Insurance Agency LLP if you have questions about condo insurance or want to discuss your policy.