A Condo insurance is a policy, written by the insurance companies in the business, of all legal liabilities pertaining to a condominium. Goal is to protect your investment.
What is a Condo Insurance?
Any settlement or litigation that needs to be settled or paid out for one reason or another needs to be properly covered. Condo Insurance provides you with the opportunity to opt out of the liability.
* Flexibility of the structure
* Always better to have some advance notice, in case of a crisis
* Best place for long-term insurance
* Surety Insurance asset deterioration
Pros of a Condo Insurance:
Condo insurance policies cover damage & loss of belongings that occurred due to natural disasters & building collapses. Some also provide coverage for theft, break-ins, & theft of personal property.
* You may have to pay a higher premium, than residential insurance * You have to comply with open spaces * Your monthly charges will increase if Condo is in prime locations
Cons of a Condo Insurance:
In many cases, Condo Insurance is common sense, yet there are a few people who do not have it. People might not think about this because if you buy a home you do not have to insure it with insurance.
In order to sell, or indeed insure your condominium, the contract must be completed by the insurance company. It is the directors who are ultimately in control of the policy.
About Condo Insurance:
The first issue with condo insurance is the definition of the term. Typically, condo insurance provider defines a condo unit as the entire floor or floors comprising one or more apartment buildings.