If you own or rent a condo, you need to ensure you have the right insurance policy. Anyone who fails to do so is leaving themselves exposed to potentially serious liabilities, while the right condo insurance policy can reduce risk. The same is true for renters’ insurance and other insurance programs. Contact CO Insurance Specialist, serving Wheat Ridge, CO, and beyond, to learn more about condo insurance policies.
A Closer Look at Condos and Condo Insurance
Millions of Americans live in condos, HOA units, and apartments. Data can vary from source to source, but the Federal government notes that roughly 5 million American households dwell in a condo. In New York, nearly a quarter of the population lives in an apartment-type unit, according to Statista. In Colorado, about 13 percent live in an apartment.
Often, folks living in apartments and condos fail to realize that they may need renters’ or condo insurance. With renters, for example, only about 55 percent have insurance and the property owner’s insurance policy may not cover vital liabilities. Unfortunately, if you don’t have the right insurance policies for your situation, there is a serious risk of exposing yourself and other loved ones.
A general insurance policy might cover a condo building. However, this policy may not cover everything, and your personal unit might be primarily uncovered. Often, an insurance policy for the condo building will only cover certain things, like public areas or damage to exteriors. Meanwhile, damage inside your unit, say, caused by a break-in, may not be covered.
Is condo insurance right for you? Before taking out an insurance policy, it’s essential to evaluate your needs closely. Then you can select an insurance policy based on said needs. Contact CO Insurance Specialist serving Wheat Ridge, CO, and beyond, and we can help you compare condo insurance policies.