Buying a Condo? What You Should Know about Condo Insurance

Like any other home investment, condos need to be protected with insurance coverage. Most condos come with master insurance policies that protect the outside of the building plus common areas. This leaves condo owners with the responsibility of protecting the interior of their unit and personal belongings. Here’s what you need to know to make wise condo insurance decisions.

Check Master Policy

Before selecting condo insurance, review what your master policy has to offer. Some policies offer “bare bones” protection, i.e. exterior damage to your building only, while others cover both interior and exterior structural damage. Once you know what your master insurance covers, you can take measures to protect your unit. A Wellspring Insurance Network Inc. agent can guide you in choosing the right coverage for your Frederick, MD condo.

If your master insurance policy only offers exterior coverage, you’ll need to protect your interior structures such as cabinets, lighting, floors, etc., against the risk of damage from fire or another catastrophe. Ensuring the interior of your condo can save you thousands of dollars in replacing these structures if you suffer loss. Your coverage should also extend to home improvements or renovations made to your property.

Personal Goods

Valuable personal goods such as furniture, appliances, electronics, clothing, etc., should have insurance protection as well. By making a home inventory, you can keep track of what you own and its value to simplify making a claim. With replacement cost coverage, you won’t have to pay to replace these goods out of pocket.

Liability Coverage

Liability insurance protects you against lawsuits if a visitor gets hurt while on your property. If you entertain often or have people staying with you on a regular basis, liability protection is a must.

For more information on condo insurance coverage and costs, contact us at Wellspring Insurance Network Inc. in Frederick, MD.