When looking to purchase a condo unit, most mortgage lenders will insist that you begin by obtaining condo insurance coverage if you must convince them to approve your purchase. As a newbie, you might wonder what condo insurance refers to and how it can be of use. Assuming this is your case, our post today is dedicated to you.
Condo insurance typically resembles a homeowner’s insurance but with a few distinctions. It protects you, your condo, your property, and other people in case of mischances. According to Cary-Wheeler & Associates Inc. in Richmond, VA, condo owners who insure their unit have peace of mind because:
It covers liability costs
You could be the type of buddy who likes welcoming guests, but did you know they can encounter accidents while at your unit? Yes, a slip can cause your guest to fall and break his hand. You’d have to cover his/her medical bills. However, with condo liability coverage, you incur no costs.
It protects your valuables
Besides protecting other people visiting your home, condo insurance guarantees the safety of your valuables such as furniture, electronics, clothing, appliances, and other assets.
If anything unforeseen causes you to lose any or all your valuable, your condo insurance takes responsibility and compensates you accordingly.
It covers loss of use
At one point or the other, perils can occur, necessitating you to renovate your unit. When such a thing happens, you will want to look for a temporary place to stay until you are done with the renovations. Your condo insurance comes in to help you relocate to a new location by covering additional living expenses.
It protects the interior of your condo unit
Your condo insurance also protects the interior structures of your units. If anything happens to interior structures such as walls, ceilings, flooring, and so forth, your insurer takes care of it.
Buy condo insurance today
As you can see from this post, the importance of obtaining condo insurance can’t be stressed enough. You are risking your wealth if you haven’t yet obtained coverage from Cary-Wheeler & Associates Inc. in Richmond, VA. Contact us today for a quote.