The experienced condo insurance agents at Creative Risk Management LLC serving the New Jersey area know how important it is for you to have a condo insurance policy. Even though condo insurance is not required in the state of New Jersey, it is very important to have it anyway. Also, if you owe money to a lender for your condo, you must have condo insurance for the length of your loan in most cases.
While most condominiums are governed by a condo association, the association’s insurance policy only covers certain things. This means that in most cases, the property insurance policy held by the condo association will not cover the inside fixtures of your home. It also will not cover your personal belongings and other items inside your home, which is the reason you need to have your own condo insurance policy. Most of the time, a condo association insurance policy only covers common areas of the condominium complex, such as pool areas, patios, and recreation rooms.
What Does Condo Insurance Coverage Cover?
If your condominium suffers a fire or it is damaged or destroyed by a natural disaster or an act of vandalism, your condo insurance policy will help pay for your personal belongings as well as your furniture, appliances, and other items. A condo insurance policy will also help you replace items that are stolen due to a theft incident or a burglary.
More than likely, you want to have visitors to your home, so once again, condo insurance is important to have in place. This is due to the fact if somebody slips and falls in the living room of your condo and is injured, your condo insurance policy will help pay for their medical bills and help you keep from being sued.
Three Types of Condo Insurance
There are three different types of condo insurance policies that you get to pick from. The most common one is the one described above that will cover the inside of your condo and all of your belongings. You can also opt to have an all-inclusive condo insurance policy that will cover everything inside your condominium as well as everything outside of your home. You can also choose a special entity condo insurance policy that will help cover the structure of your condo as well as the fixtures that are in place inside and outside of your condo.
Get Your Policy Started
To create the best condo insurance policy for you and your home, contact the experienced and trusted condo insurance agents at Creative Risk Management LLC serving the New Jersey area today!
