While condo insurance often covers various items that regular home insurance takes care of, the two could not be any different. Unlike the latter, condo insurance protects individual condo units and contents therein. Clients Choice Insurance takes you through the following condo insurance options to consider before signing up for your Colorado residence.
Personal Property Coverage
When covered perils such as vandalism, theft, and fire, cause damage to contents in your condo, personal property coverage will compensate you for your losses and any destruction you incur. Items that are covered by this policy include furniture, electronics, and clothing.
Loss of Use Coverage
Loss of use coverage will sometimes be referred to as additional living expenses coverage and will help you cater to living costs when your condo becomes uninhabitable. Examples of these expenses include hotel costs, meal coverage, and transport costs during your daily commute to your new accommodation.
Building Property Coverage
Building property coverage offers protection to the interior of your condo against damage from covered perils such as fire, lightning, and storm damage. Condo structures covered by this policy include interior walls, floors, tiles, and permanent installations such as sinks and cabinetry.
Liability insurance comes in handy when your guests sue you for destruction to their property or bodily harm arising from injuries sustained in your condo. This policy will ensure that your guests' medical bills are taken care of and that they also get sufficient compensation for repair and replacement costs. In addition to this, liability insurance will also take care of legal fees when you are sued.
Loss Assessment Coverage
Condo owners may occasionally be required to contribute to shared losses when damages occur, an area that loss assessment coverage can help with. If, for instance, your parking space suffers from fire damage and the masters' insurance policy gets exhausted, condo owners are financially responsible for offsetting the balance. This policy allows you to cover these expenses without incurring any additional out-of-pocket costs.
If your Colorado condo could benefit from any of the above policies, consider giving Clients Choice Insurance a call today.