According to research, as many as 20% of condo owners in the U.S. do not have insurance. The common misconception is that because they own their unit outright, they are not required to have insurance. However, this could not be further from the truth. In this blog post, The Morrow Insurance Agency will dispel this myth and explain why condo insurance is essential, even for those who own their units outright.
Why You Need Condo Insurance
Condo insurance is important for several reasons. First and foremost, it protects your personal belongings in the event of a covered loss, such as a fire or theft. Secondly, it provides liability coverage in the event that someone is injured while on your property. And lastly, it covers you in the event that your condo association’s master policy does not provide adequate coverage.
For example, let’s say a fire in your condo unit damaged both your personal belongings and the unit itself. If you have condo insurance, your insurer will reimburse you for the cost of repairing or replacing your belongings up to your policy’s limit.
However, if you do not have insurance, you’ll be responsible for paying out of pocket to repair or replace your belongings. The same goes for damage to the unit itself. If your condo association’s master policy does not provide adequate coverage, you could be stuck footing the bill for repairs.
What About Condo Association Insurance?
Condo associations in Mesa, AZ typically only insure the building itself and any shared common areas – not the interior of your unit. That’s why it’s important to have your own condo insurance policy in place. It’ll cover your personal belongings and provide liability protection.
Get Coverage For Your Condo
Condo insurance is a must, even if you own your unit outright. It protects your belongings, provides liability coverage, and covers you in the event that your condo association’s master policy does not provide adequate coverage.
If you have any questions about whether or not you need condo insurance, The Morrow Insurance Agency in Mesa, AZ is here to help. Give us a call today to learn more about our condo insurance policies and how we can help you protect your investment.
