What Is Condo Insurance?
Condo insurance is type of insurance that will cover what your homeowners association doesn’t. Whether it is paying for liability costs if a guest is injured at your condo or repairing the inside of your unit after a disaster, condo insurance has you covered.
Even though some of your condo fees likely go toward a master insurance policy that will cover damage to your building’s exterior, common areas, and injuries that are sustained in common areas, you are responsible for protecting what’s inside your walls.
Our Condo Insurance Coverage
Condo insurance provides several forms of protections for individuals and their families. Owning a condo often comes with unique liabilities that owning a different property does not. Here’s a look at what our condo insurance coverage includes.
The personal property coverage on your condo insurance policy will replace your furniture, personal belongings and clothing if they are damaged by a disaster that is listed in the policy, such as a fire, hail or wind, as well as theft. It may be necessary to purchase additional coverage for more expensive items such as artwork and jewelry because these are typically only covered up to certain limits.
When it comes to personal property insurance, you can choose from two types of coverage. Actual cash value means you’ll receive the value of your items at the time they are destroyed or stolen for a covered event. A more expensive option is replacement cost coverage, which will make sure you receive enough money to buy brand-new replacements no matter how old your furniture and other belongings are.
Liability And Medical Payments
Should a guest be injured inside your unit, this type of insurance can cover their medical bills as well as your liability costs if they decide to sue. It may also cover incidents such as dog bites from certain breeds or damage caused by you to another person’s property.
Water Backup Coverage
This is an optional type of coverage that can pay for damage if water backs up into your unit from issues like malfunctioning sump pumps or clogged drains.
Additional Living Expenses And Loss Of Use
If a fire or another type of damage covered by your policy renders your condo unit uninhabitable, this type of insurance can pay for your hotel bills and other expenses while you relocate temporarily. It may also cover restaurant meals and laundry expenses during your temporary relocation.
Unoccupied Condo Insurance
This type of policy is suited to cases where you do not live in your unit throughout the year. A standard policy will not always cover damage to a condo that has been left unoccupied for more than 30 to 60 days.
Get In Touch With Burton & Company Today
Embrace the carefree nature of living in a condo by making sure every eventuality is covered with condo insurance from Burton & Company. To get started with condo insurance in Virginia, reach out to one of our insurance agents by phone at (888) 652-1325 or request a quote online today.