If you own a condo unit in Kissimmee, FL, it is good to be informed about condo insurance to protect yourself against various losses. At Familia Insurance Agency, we try to explain to our insurance customers what they should know about condo insurance.
It is a policy purchased to protect an owner against losses and repair costs in case the condominium unit is damaged. The policy often covers losses like fire damage, vandalism, water damage, theft, among others. Condos come with their own insurance needs, hence understanding how they differ from the usual home insurance.
What is Covered Under a Condo Insurance Policy
A condominium association coverage only takes care of whatever is outside your home. Everything inside your home, from the interior of the walls to fixtures and valuables, is your responsibility to protect against losses like smoke, fire, theft, vandalism, lightning, and accidental water damage.
Some common coverage under condo insurance include
- Personal liability- covers legal expenses arising from lawsuits against you
- Personal property- covering movable items like electronics and furniture
- Building property- covers the unit itself, which includes fixtures and walls.
- Loss of use- includes the cost of transport and lodging when a unit becomes uninhabitable
Why You Need Condo Insurance
Even when your condominium association has its own coverage, you may still find condo insurance useful. There are situations where the coverage by the association does not cover things like water damage to your ceiling and walls, a break-in, or an injury caused by someone slipping on your floor. This is where condo insurance comes in handy. It helps protect the unit’s interior, your personal property, and lawsuits or claims arising from a third-party injury.
For residents of Kissimmee, FL, living in a condo, it is not late to purchase condo insurance whether you just moved in or if you have been staying there for some time. Contact Familia Insurance Agency and we will help you decide the suitable policy that will give you peace of mind.