If you want to own a property but still can’t afford to buy single-family homes, purchasing a condo is an excellent alternative as it is much cheaper. Although it’s less expensive, it does not mean that it’s not a great investment.
Condominiums are considered as a recommended investment for starters. In fact, it has a lot of advantages. It requires less maintenance since the condo association is the one in charge of all the exterior properties. Next is you will have unlimited access to its amenities. Lastly, it obtains enhanced security.
Aside from that, condos have a master insurance policy that covers a lot of factors. However, it may not be enough. This is why it is highly advised that you as an owner should take extra measures and rely on trusted condo insurance companies for a policy that provides additional protection.
Here are five reasons why you should get condo insurance;
1. Personal property and belongings are covered.
The master insurance policy of every condo only covers the building you live in but not your own personal property. This is why it is your full responsibility to protect your own belongings. Cases like theft, accidental damages, fire, and other instances will be fully covered if you invest in condo insurance.
2. Personal Liability
For instance, you have invited some of your friends to come over, and one of them accidentally tripped or got injured, the condo association insurance won’t cover any of that. So, even if you’re not the one who caused the accident, you will be obliged to take care of all the medical expenses needed. But, by getting your own condo insurance, any accidents or personal damage that are considered your responsibility will be fully taken care of.
3. Public Emergencies
If ever you will be forced to leave because of public emergency instances like a flood, fire, or other reasons for evacuations, condo insurance will be a big help. It is under their policy to pay up to $10,000 of incurred increase in living expenses on your first month.
Another thing is that if ever there will be a fire break out in the building, all of the contents in your property that have been damaged will be replaced.
4. Identity theft cases will be covered.
It is very alarming when your personal belongings have been stolen from your property. How much more if it includes your personal information? Cases like this take a long process to identify who to blame, and during that time, many fraudulent activities could happen.
This is when the condo insurance comes in. If it is confirmed that your personal information has been used for fraud or your cards have been used without your consent, up to $20,000 will be covered up by your insurance.
5. Loss of rental income
It is your right to decide if you want to rent out your unit for additional income. However, if there are instances like fire break out, which forces your renters to move out and leaves you with less income, it is still your responsibility to pay your monthly dues. But, with condo insurance, a loss of rental income will be offered up to a year while your unit is being fixed.
If you decide to purchase a condo, invest in condo insurance as it will be very useful for unexpected instances that might occur in the future. Getting extra protection is not something you can rely on the association. Rather, it is your responsibility as a property owner. Besides, condo insurances are very affordable, so it would be wise if you ensure your investments with this.