Why do I need condo insurance

Buying a condo in the Mesa, AZ area is a major investment. Having condo insurance will give you peace of mind that all your assets and your property are protected against some of the events that can happen in life. If you have a mortgage on your condo, your lender may require you to have an individual condo insurance policy. The friendly agents at INW Insurance Group can help guide you through the maze of insurance coverage that is available.

Exterior coverage

While a condo is your home, the coverage that is needed for a condo differs from the coverage that you would have for a standalone home. Your condo association or the HOA holds a master policy that covers the exterior of the condo. This policy also carries liability insurance for the outdoor and common areas at your location. It is up to you to read this policy to make sure that it is going to protect your investment and what exactly is covered. 

Interior

The interior of your condo is your responsibility to insure. You need to protect your belongings from theft and damage from a covered loss. This includes your furniture and your clothing as well as appliances and electronics.  It also provides liability coverage should someone be injured inside your unit.

Loss of use

This is an important coverage if your unit becomes so damaged that you can’t live there. You need an insurance policy that will pay for you to stay somewhere else while your home is restored.

Owning a condo is unique and the best way to protect yourself is with both an individual and a master condo policy. Stop by the offices of the INV Insurance group if you are a resident of Mesa, AZ or the surrounding area to discuss the individual policy that is best for your situation.