What does my condo insurance cover?

Condo insurance isn’t always mandatory. But, for many, it is a necessity. If you rent or own a condo, your landlord likely already has an insurance policy. Yet many tenants incorrectly assume this covers them as well. This misconception can be costly.

Our experienced agents understand that nothing can replace a dedicated condo insurance policy. Serving the greater Stamford, CT community, Allkane Insurance lists four items every condo insurance policy should include.

Condo Insurance: What You Need To Know

Interior safeguards

An owner’s policy is limited. Often, these are restricted to covering the building structure itself. Condo insurance fills that gap by insuring the inside of units as well. Under these plans, flooring, cabinetry, walls, and any other permanent fixtures are shielded against destruction or damage.

Protection of belongings

Condo insurance extends to your belongings too. Furniture, electronics, appliances, and other valuables may be reimbursed or replaced in the event of a loss. This applies to theft, vandalism, and natural disasters, like fire and water. Refer to your policy to see what’s actually covered.

Liability insurance

Liability is the cornerstone of virtually every insurance policy. Condo insurance isn’t any different. If an accident occurs inside your residence, this reimburses for most property, medical, or other injury-related expenses for you, your family, or your guests. Legal fees may be included too.

Loss of use coverage

It’s important to be prepared. If a serious event forces you to temporarily relocate, condo insurance kicks in. "Loss of use" chips in for additional living expenses, like hotels, meals, and additional travel, that you may incur.

Give Us A Call

A personalized condo insurance plan is the only way to ensure proper protection. Allkane Insurance in Stamford, CT can help. Their trusted agents can create a policy that best meets your needs. Schedule an appointment today.

As a Condo Unit Owner in Michigan, What Do I Need to Insure?

Decent insurance coverage has no substitute, and Allkane Insurance works tirelessly to offer you top-notch services. If you live in Stamford, CT, and you do not know where to start with your condo insurance policy, scroll down for valuable insights. The following summary will educate you on what you need to know when purchasing your home insurance cover.

Why Is Condo Insurance Cover Essential?

Purchasing condo insurance is a trusted approach to ensure that you sleep peacefully without fear of a hurricane or fire. The policy covers you, your home, and what you own in the house. Destruction of interior surfaces must not cost you money to repair. For instance, if a situation causes damage to your plumbing system or your belongings get stolen during a break-in, the insurance provides you a shoulder to lean on.

How Does Condo Association Insurance Help Me?

 With condo association insurance cover, your property is safe, even though the policy only covers specific areas of your home. It concentrates on liability and property issues. To avoid disputes when filing for claims, read and understand the contract when buying your cover. Talk to your agent to know the extent of coverage before committing to pay for the premiums. What your standard insurance compensates determines what you need to insure with a condo policy.

Understanding What to Insure

Buy a bare walls policy to protect the structure of your building and what it contains within the walls. Additionally, the insurance covers your floor if it gets damaged during a catastrophe. Your wiring and plumbing system is also safe under this subject.  

 You also need to protect your exterior surfaces and spaces, such as the bathroom fixtures, roof, and cabinets. That way, purchasing a single entity policy is a wise idea. Most residents own this coverage on top of the standard condor insurance cover.

Talk to Allkane Insurance to cover your home in Stamford, CT, today.

Three things you need condo insurance to cover

As a condo owner, it’s vital that you invest in a condo insurance policy that will cover you for liabilities and assets that the master policy for your building won’t cover. At Allkane Insurance, we provide insurance coverage to Stamford, CT condo owners. 

The following are three things that condo insurance will cover for condo owners looking to cover their liabilities and protect their assets.

The interior of the policy holder’s condo

A condo association or master insurance policy for a condo building won’t provide coverage for a condo unit’s interior walls and fixtures. However, individual condo insurance that the condo owner purchases will provide coverage for the interior of the condo unit. 

Liability costs for lawsuits made against the condo owner

If a guest enters an individual condo unit and gets injured on the inside, condo insurance will cover the resulting expenses. This makes it so that condo insurance protects a condo owner against lawsuits and other types of liability claims made against them.

Such coverage is very valuable for the policyholder because liability expenses could get very high if they involve medical bills or loss of income expenses for the injured individual. 

The personal property that the condo owner keeps within the condo

A condo owner’s personal property within the unit is protected by condo insurance. This means that if personal possessions, including furniture, clothing, and electronics, are damaged within a condo unit, condo insurance will reimburse the policyholder for the resulting expenses. 

If you’d like to learn more about your options for condo coverage in Stamford, CT, let us know. At Allkane Insurance, we’re here to answer all of your questions about condo insurance coverage.