Owning a condo differs from owning a house, as you only own your specific unit but not the building itself or the land it sits on. However, you will still need an insurance policy to protect your condo and the personal effects inside it. Our team at Morco Insurance Agency has extensive experience in the insurance business, and you can count on us to help you find the right condo insurance for your needs. In this article, we will go over some key information about how condo insurance works to help you make an informed decision on the matter.
What Condo Insurance Covers
Like home or renters’ insurance, condo insurance covers damage to your unit or property caused by fire, storms, or other disasters. It also covers things like theft and vandalism, and provides liability coverage for accidental injuries suffered on your property. Your condo insurance policy will pay out to cover some or all of the costs of repairs, and it will help cover additional living expenses should you need to temporarily relocate while work is done.
What Condo Insurance Does Not Cover
Standard condo insurance policies have some exceptions to their coverage. For example, not only do these plans not cover damage to the building exterior, but most policies also do not cover damage from earthquakes, mudslides, floods, or similar disasters. In some cases, it might be possible to purchase separate insurance for these possibilities. Condo insurance also doesn’t cover situations where the government requires a building to be demolished, repaired, or otherwise altered.