The list of dangers to a condo are the same as a house. Fires, vandalism and robbery are just a few of the specifics.
Online PR News – 07-November-2010 – – Your home is your sanctuary, and you should do everything you can to mitigate risks. But surprisingly, too many people who own condos are taking an unnecessary risk by not purchasing Condo insurance.
Condo insurance (or fire and dwelling) cannot only bring peace of mind, but it can avoid the costly financial toll that is exacted when items are lost during a natural disaster or are stolen.
“It’s important to understand that most condominium association insurance policies typically protect the condominium structure but not the contents inside,” said Lee Rogers of Florida Insurance of Orlando, Fla.
Condo insurance can pay for your personal property should it be stolen or lost or damaged from common disasters like fires plus smoke damage or water damage from leaking pipes. It can cover appliances, interior window areas, carpeting, ceilings and other items and areas that are not shared by other condo owners. Although the difference between water damage and flood damage need to be explained by a licensed Florida insurance agent as flood insurance is a separate insurance product.
It is a good idea to take inventory of all of your personal belongings, marking down their value and serial number before an incident occurs. You may even want to videotape or photograph each room in your home (including closet and drawers contents) and keep receipts for major items that were purchased. This helps ensure that you are compensated accurately should disaster strike.
Those who opt for condo insurance also have the added benefit of being covered if someone else is injured in your condo and you are found to be at fault.
“Every condo insurance policy is different. The premium that you receive on your particular policy can depend on a host of factors such as where you live, the limits of your coverage and the deductible,” Rogers said. “There may even be discounts offered if you are a senior or if you already receive auto insurance from the insurance company.”