The real estate season is in full swing. Even with the global health crisis still looming for all of us, families and individuals are still looking to buy. While some families are looking to move out of crowded cities and find something with a little more space in a suburban area, other buyers are looking to avoid public transportation and hoping to find housing within a city where they can walk or bike to work. The reasons are different for everyone, but buying during the spring has become a staple for real estate agencies.
Choosing the style of housing often comes down to buying what is right for your needs and lifestyle. Condominium living has become very enticing to professionals, couples, retirees, and even families over the last few years.
We often are asked about what condo insurance is and how it can benefit a unit owner. There is a bit of a difference in homeowner’s insurance and the two types of insurance regularly associated with condo insurance; master insurance and unit insurance. In a recent blog, we discussed the basics of insurance needs for a condo unit owner and how that form of insurance is distinctly different from the HOA Master Insurance. Today we are looking at a few of the benefits of condo insurance.
As we mentioned in that previous blog, condo owners need to have both Master Insurance, which covers most things on the outside of the building (roof, siding, building structure, & landscaping) and the common areas, as well as individual unit insurance which protects the possessions and appliances within the condo unit.
One major benefit of having these two types of insurance is that the coverage has some level of overlap. This means that if something catastrophic occurs such as a storm or a fire, that the two insurances will probably cover everything. In fact, many of these types of insurance have overlap that means if the Master Insurance does not cover all repairs your individual unit insurance may cover the rest.
Personal Liability Coverage
If you plan on having guests visit your condo, the homeowners insurance and Master Insurance can protect you in the case that your guest is injured on the property. For example, if your guest trips and falls within your unit, your individual insurance will protect you from liability. It can also cover medical costs that were sustained. On top of that, your association’s master policy may cover your guests if they are injured while visiting areas of your condo outside of your unit.
Loss of Use Coverage
In the case of your unit being damaged in a fire, storm, or other incident, you may find that your living quarters are uninhabitable. Most insurance carriers for condos include Loss of Use coverage that would pay for living expenses while your unit is repaired or rebuilt.
Are you house hunting this spring or summer? Talk to our agents about condo unit coverage and how it can benefit you and your family.