Condominiums are a rather large investment and owners must protect them with the appropriate insurance coverage. Many condo owners mistakenly believe that the condo’s home owner’s association insurance coverage will cover their individual losses if one should arise. However, this is simply not the case and condo owners should be aware that their individual units are not covered.
The HOA insurance coverage will take care of everything that pertains to the exterior of the building including the roof, elevators, common areas, pools etc. It would also cover the building in case of a fire. However, it will not cover any losses or damages that happen inside an owner’s individual unit, so it is the owner’s responsibility to purchase their own Condo Insurance Naples FL.
Condo insurance coverage can be important to many. Condo insurance is similar to homeowners insurance when it comes to liability coverage. Many people have been sued by someone who was hurt inside their homes and this is why they need to make sure that they cover their property with the correct insurance policy as well as the proper amount of insurance coverage. If the limits are set to low or it is not the kind of policy they need it can have detrimental affects in the event that they actually do need to use it.
Not only do owners need liability coverage in case someone gets hurt inside their unit and attempts to sue, but they also need a policy that will cover all of the following as well:
- Cost to replace the condo in event of a complete loss
- Personal property of the owner such as furniture, clothing, and other personal items.
- Water leaks or frozen pipes
- Wind damage
- Interior Property damage
- Fire damage
- Vandalism or theft
- Improvements or upgrades that the condo owners have made
For condo owners to safely guard against any potential losses it is highly recommended that they inquire about their own individual condo insurance policies. Insurance agents at Ackerman Insurance Services Inc are extremely qualified and able to help customers purchase the correct Condo Insurance Naples FL that will cover their property. Owners will be able to rest assured that they have their property insured appropriately. Click here for more info!
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