What is Condominium Insurance?
Condominiums or Condo insurance is a type of insurance that helps protect a condominium unit from damages and maintenance costs. Theft, arson, fire damage, water damage are some of the property issues covered by condo insurance.
Condo insurance will also protect valuable possessions inside of your unit. If you need renovations or damage assessments, the policy will have them covered as well. Having a condo-specific policy will benefit you in times of emergencies and provides you with more coverage than just relying on the condo association’s coverage.
Other Related Insurances
Below are two other popular insurance for property insurance that can help protect your valuable assets.
Home Insurance
Home insurance is the most common form of property insurance. Fire, smoke, wind, lightning, and other natural disasters are covered in home insurance policies. You can also give your home the needed protection from other unwanted situations, such as theft and vandalism. Your home is a big investment, so make sure you fully protect it from any unexpected situations.
Property Insurance Add Ons
Property insurance is one of the best protection you can get for your property, but it has its limit and exclusions. It may not cover plumbing, heating issues, or your possessions when you are away from home. With property insurance add ons, you can add any coverage you want to further protect your property against any surprise bills and unwanted conditions.
Why Choose the Thaiger?
Your property is a precious and costly asset, we understand the effort you put into finding the home of your dreams, whether it’s a house or a condominium. However, finding the right insurance that fits your needs can be difficult. That’s why we’re here to focus on your unique requirements to protect your condominium. We strive to make insurance easy for everyone. You can find affordable coverage that fits your budget in just a few simple steps.
What Are the Benefits of Condo Insurance?
You might wonder why would you need condo insurance if your condominium association already has insurance. Well, even if the condominium association has its own insurance, condo insurance is still a good option for you. Their insurance can only cover the condominium building, common areas, and the association’s liability insurance.
Unfortunately, it may not protect you from things that could occur within your unit, such as robbery, water damage to your living room walls, or someone accident caused within your condo. Condominium policies can also be of great help in protecting your personal belongings as well as the interior of your house.
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Types of Condo Insurance Coverages
Condo insurance protects both the structure of your home and the furniture and belongings inside and all other potential threats are covered. This form of policy would also protect you against break-ins, losses, as well as third-party liability. The following are some of the main coverages that condo insurance offers.
How Can You Save Money On your Condo Insurance?
If you feel like condo insurance is too expensive, there are several ways you can lower your rates down to a price that works for you. One of the most popular options is to choose a higher policy deductible to reduce your premiums. You can also ask the insurers for policy discounts. Lots of insurers offer discounts for the unique conditions of your condo. For example, if your condo is new, your premium will be lower than older condos. Having a good credit history can also help you save money on premiums credit information is constantly being used by insurers to price homeowner’s insurance policies.