If you own a condo, your condo association provides you with property insurance. This property insurance is designed to protect common areas of the condo complex and does have a number of different gaps that condo owners do not consider. Before you decide against purchasing individual coverage, consider the benefits of investing in condo owner insurance Baltimore. Once you are aware of all of the different gaps that exist, you will be on your way to your insurance agent’s office to bind your property insurance policy.
Building Coverage That Covers Your Property
If you have a copy of your condo association insurance policy, the building coverage listed on the declarations page is designed to cover common areas. Common areas may include the laundry room, the pool area, the parking lot, and even the structure of the complex. While the complex structure is covered, everything inside of your condo is not. This means that you will be responsible for replacing your drywall, flooring, fixtures, counter tops, appliances, and more. Condo Owner insurance covers your condo from common perils. With building coverage, you do not have to come out-of-pocket if a fire breaks out or your property is vandalized.
Personal Property Coverage is Necessary
Business property on a condo association policy will only cover property owned by the condo complex. This may include gym equipment, pool supplies, office furniture, and more. Your own personal property is not covered by your association policy. Condo owner insurance Baltimore will provide you with personal property cover. This will cover all of your belongings that are not permanently fixed to the property. You have the option to select a specific limit based on how much you own.
Loss Assessments Coverage Will Help You
Did you know that your condo association can assess each property owner a portion of the loss if the loss happens in a common area? These assessments can range in cost between $1000 and $10,000. If you do not have $10,000 handy, you should invest in condo owner insurance. Condo owner insurance provides condo owners with Loss Assessments coverage. This coverage will pay for assessments so you do not have to come out-of-pocket to repair common areas in your complex.
Failing to purchase condo owner insurance Baltimore is one of the biggest mistakes you can make. If you experience a loss, you will wish you would have made the effort to buy condo insurance. Consult your property and casualty agent to discuss your options. If you buy your condo and auto insurance from the same agent, you may be eligible for large discounts. In fact, these discounts may practically pay for your property insurance for the year. Take a proactive step to covering your assets and get the peace of mind you need.