What is condo insurance?
Condo insurance is insurance coverage that protects the person against the losses and repair costs for a condominium unit. If you own a condominium then this is the right insurance policy for you. Condo insurance protects your home from theft, vandalism, fire damage, water damage, and other internal and external threats due to unforeseen circumstances.
Note- Condo insurance NJ is used for both condos and co-ops. However, the insurance structure is different for both.
Importance of condo insurance
Condo insurance always comes in handy. This insurance covers the condominium and has its own advantages. This insurance might cover the building, the commonly owned area, and liability insurance.
This insurance also protects the personal property and the interiors of the house. They also offer liability protection for the person injured inside the apartment as well.
What does condo insurance cover?
Condo Insurance NJ has some mandatory coverage. Here in this section, we have mentioned what does condo insurance cover-
1. Personal liability coverage-
If someone is injured while visiting your home and you are at fault, then this coverage helps to pay for all the legal expenses and the medical bills.
2. Guest medical coverage-
If any visitor is harmed at your home, then the guest medical coverage helps to pay all the medical expenses if you are not at fault.
3. Building property protection
This insurance also pays for repairing the ways of the condominium and its interiors.
4. Personal property coverage
Condo insurance also covers your personal belongings like electronic gadgets, appliances, furniture, and clothing. If any of these are stolen or damaged will be covered in the condo insurance claim. It also helps to repair or replace these types of equipment.
Other protections provided in the condo insurance NJ are-
- Loss assessment coverage if you need some helps to cover your share.
- Flood insurance protects you and your home during floods.
- Umbrella insurance coverage protects you when you reach the limit of your liability and helps you to pay off large liability claims.
Things not covered in Condo Insurance Policy?
Here we have mentioned some problems that are not included under the Condo insurance policy.
- Earthquakes and flood
- Injuries caused to others
- Wear and tear
- Nuclear hazards
- Damage caused by underground water.
- If damage is done by birds and other insects.