Here's Why You Need Condo Insurance
Condo insurance can be confusing. Are unsure about your condominium needs? Are you confused about what insurance you are responsible for and what insurance your condo corporation is responsible for? Are you confused about your condominium insurance needs? Are you wondering if the condo corporation is responsible for your condominium insurance? What about renters' insurance for tenants who don't own their own buildings? It seems like a lot to consider, but a handy guide provided by CondoEssentials can help show you the ins and outs of the different kinds of coverage you might need based on your specific circumstances. Read on so you can learn more about your condo insurance policy and the risks you need to make sure you have protection against when you buy a condominium.
Who Needs It?
You do. It doesn't matter whether you live in a house, an apartment, a condo, or an RV, you need insurance. That doesn't mean, however, that you will always need the same kind of insurance, and sometimes you aren't responsible for insuring the whole of the building: the condominium corporation's insurance will protect the building envelope and common use areas-but, as a condo owner or tenant, you still need condominium insurance to protect your individual condo unit and its contents.
What does condominium insurance for home owners cover? Your top risks are:
What's Covered Under Tenants and Renters Insurance?
Tenant insurance, also called renters' insurance, is required by most landlords. It's designed to cover the following risks: