Condo Insurance Policies
What it is:
Condo insurance is short for "condominium insurance," a special type of real estate insurance that applies to the housing structure that is legally recognized as a condominium. A condominium is a special kind of housing that resembles an apartment or may actually be completely synonymous to an apartment. In any case, the condo is an attached living structure that is a private structure within a larger structure.
Who it is for:
Condominium insurance is meant for any person who owns a condo. It may be necessary for people to remain in legal compliance with a municipality in some cases. However, it may also be a good investment for people who are just renting a condo. The insurance has the ability to protect the tenant from deposits after the end of the term.
How it works:
Condominium insurance pays a lump sum to cover any damage that may occur to a condo because of a condition that is laid out in the agreement. The condition can be an unexpected accident based upon the actions of the tenant of the condo.
Different types of coverage in existence:
The type of condominium insurance that you take on has a great deal to do with the municipality that you own the condo in. Different legalities require different arrangements. There are also different types of insurance packages available for people who own a condo versus a person who is just renting a condo.
The major benefit to condominium insurance is the ability to sidestep large payments that might bankrupt you if you do not have the ability to pay for an accident upfront. Insurance also has a legal advantage if the municipality requires an owner to have insurance.
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