Many condo owners who do not invest in condo insurance believe that their master insurance policy covers their property. That is false; a master insurance policy covers the building as a whole, but as for their rented property, they will need condo insurance. If you want safety and protection for your condo against life's unfortunate events, condo insurance is a wise precaution.
Here are some frequently asked questions and answers regarding this type of coverage:
• Do I really have to get condo insurance?
• What does it cover?
Condo insurance is optional, but having it protects you and your condo from the following:
• Vandalism
• Theft
• Burglary
• Natural disasters
• Plumbing problems
• Fire
Condo insurance will also insure your personal belongings and will save you a substantial amount of money, if you have financial problems to settle.
Is flood insurance included in condo insurance?
There are some condo insurance policies that include flood insurance. Many do not. Some offer it as a rider. It is in your best interest to talk to an insurance agent about purchasing additional coverage.
