If you live in a condo among several other people and you feel you are secure, then your thoughts might prove wrong at some stage because life in a condo among other families doesn’t mean that you are guaranteed every time. Everyone who lives in a Condo needs to be aware of the fact that they need the insurance cover just like homeowners. Whether you live in a house that consists of a single family or a condo that is one out of 100 condos in a high-rise then also you can face similar risks. Most condos already have an HO-6 policy because their mortgage lender wants it from them.
A renter mostly assumes that just because he is living in a rental property doesn’t require him to seek insurance coverage. Many unforeseen situations could damage their assets, and the landlord won’t be liable to pay for it. Similarly, one living in condo assumes the same and makes a blunder. Just like homeowner insurance, condo insurance also covers the unit, personal property, belongings and additional living expenses. The only difference between condo and homeowner insurance is that the Condo insurance doesn’t cover the whole building but just a condo whereas homeowner insurance covers the entire house. A condo insurance is covered under a master policy which is bought by the condo union members. Unit owner pays for the condo fees to ensure employees and areas there are secured. Owners are not responsible for the exterior of the building like roof, gym, pool.
Unit owners just shouldn’t have the sense of security just because their residence is a small part of a large building but also because in their building several people are living and protecting their lives is their major responsibility. A condo master doesn’t cover things that owner see inside his units like interior walls, permanent fixtures, and flooring.The owner needs condo insurance If an owner is found liable for damage that he has caused to another person home or because of him an incident takes place that results in medical cost ten the expenses to cover them could be tremendously high. There’s always a chance something might prevent a condo owner from entering their unit, too. Whether it is damaged due to fire, or some incident in their building prevents them from entering, condo insurance can reimburse them for additional living expenses they incur. Depending on where someone lives, these costs might be very high. Hotels and eating out in most major cities is typically expensive, especially over an extended period. If you are living in a condo, then make sure that you have condo insurance to prevent from any dangerous situation that might arise due to any unintentional mistake or any external factor. We need to change our misconceptions regarding the safety of condos even without insurance coverage because nothing is safe without a secure, efficient coverage of insurance. If we don’t take insurance policy today then tomorrow we might have to pay the expenses that could be even worse.