Condo insurance (also known as HO-6 insurance) covers condos and personal belongings if they were damaged or stolen. It is similar to home insurance because it replaces property belongings to an owner of the condo or family members. If you own a condo and now thinking about whether to buy condo insurance or not, Creative Risk Management LLC serving New Jersey prepared a list of benefits of condo insurance:
What Are the Benefits of Condo Insurance?
Condo insurance has certain advantages that you should know about:
- Liability coverage. If something happens inside your condo and someone gets injured, you are responsible for covering their medical bills and other fees and costs related to an incident.
- Loss of use. If your condo is damaged and, not inhabitable and requires repairs, your condo insurance will pay for your temporary stay somewhere else.
- Personal belongings. Condo insurance will cover such personal stuff as your clothes, furniture, electronics, jewelry, and other stuff. However, you should be aware of the certain limitation that your type of insurance has.
- The interior. The insurance policy protects the inside of the condo as well. For example, standard condo insurance will cover damage of such things as fittings, carpets, drywall, and others.
Condo insurance is similar to home insurance, and it provides protection for vandalism, theft, fire damage, water damage, and other things. It is not a mandatory type of insurance, but it is recommended to carry it to protect your home and you as a condo owner. If you own a condo in New Jersey and you are looking for an insurance agency to help you, Creative Risk Management LLC is ready to help you. Feel free to give our agency a call or visit our website for more information.
