Just like you need home insurance when you buy a home, you are going to need condo insurance when you buy a condo. It is similar to homeowners insurance, though there are some differences.
That being said, you may be unsure about whether or not you need to get condo insurance. Here are some reasons why you should.
- You may be required to get condo insurance if you take out a mortgage for it. Most mortgage companies will require insurance to protect their investment.
- It will protect you in case someone gets injured in your condo. Your insurance will cover their medical bills and any legal fees if you end up getting sued.
- It will cover damage to your condo itself. It will help to repair your condo if anything happens to it. This can also include damage due to vandalism.
- Your condo insurance will also cover your possessions. This will include your furniture, clothing, jewelry, artwork, and other possessions in your condo.
- If your condo becomes uninhabitable, it will cover lodging while repairs are made. If you cannot live in your condo, it will cover your hotel or a short-term rental if needed.
Though you may not want to buy condo insurance, you may be required to. Your mortgage company will want to protect its investment. If something happens to your condo, they may lose their investment. Your condo insurance will also cover any medical bills if someone gets injured at your home. It will cover damage to your condo and everything that you have inside.
If you want to ensure that your condo is adequately protected, don’t hesitate to contact INW Insurance Solutions in Mesa, AZ.