Serenity Insurance Services Condominium Insurance

Why Every Condo Owner Needs Insurance

No matter how much your association's policy covers, you might decide that you want your own insurance. This is especially likely if you feel that your appliances or the improvements you have made are worth more than the association's policy will pay.

A typical condo owner's policy will cover things not covered by the association's master policy, such as the value of improvements that you have made and any losses not covered because of the master policy's deductible. The association's bylaws will spell out just where the association's liability stops and your liability begins. Be sure you understand these rules before you buy a policy.

If you decide that the association's policy is sufficient for your condo itself, you may still want to insure your personal property, such as clothes, jewelry, computers, and other electronic equipment. You can purchase reasonably priced coverage that will protect you from losses due to fire, theft, smoke damage, vandalism, and many other hazards. Some policies cover loss or damage to your personal property both at your condo and anywhere else in the world. Most policies also cover the personal property of guests who may be visiting your condo.

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