Benefits of Condo Insurance

Owning a property in the Dalton, Georgia area is a great idea for anyone who wants to put down roots and invest in their future. If you are looking for a home in the area, investing in a condo is ideal. Condos offer a plethora of amenities, onsite security, and owning a property without external upkeep.

 

When you finally take the plunge and purchase a condo, you’ll want to protect your investment. Thus, it’s important to invest in condo insurance.

 

What does condo insurance cover?

As a condo owner, you need insurance to ensure you and your condo are properly protected. The benefits of purchasing condo insurance include:

• Liability coverage. If an accident happens inside your condo unit, you can be held liable for any injuries or damage to others. Liability coverage covers your costs, including medical expenses for minor injuries. Additionally, if you or a guest causes damage to the common area, this policy covers the cost of repairs. 

• Loss of use. If your condo is inhabitable due to a problem covered by your policy, your condo insurance covers relocation costs during repairs. These additional living expenses can include temporary lodging, meals, and pet boarding. 

• Personal property. Each day, your personal property faces risks such as fire and theft. Condo insurance protects your items from these risks by covering the cost of replacement. Items covered include but are not limited to furniture, electronics, appliances, clothes, and jewelry. 

• The unit’s interior. Your condo association is responsible for the exterior building issues, but it is your responsibility to protect your unit's interior. If your condo is damaged by a fire, insurance helps pay for repairs inside your condo including cabinets and built-in shelving. 

 

What problems are covered by condo insurance?

Standard condo policies cover damages caused by a “named peril” - or a fancy way of saying problem. Damages from these common perils are covered:

• Fire, smoke, or lightning

• Windstorm or hail storm

• Vandalism, theft, or other malicious mischief

• Weight of ice, sleet, or snow

 

What is not covered by condo insurance?

While a standard condo insurance policy covers many circumstances, there are common exclusions including:

• Ordinance or law, or situations where the government requires you to repair, renovate, or demolish your property. 

• Earth movement including earthquakes, sinkholes, mudslides, or any circumstance that involves the earth rising, shifting, or sinking.  

• Water damage from flooding, sewage backup, and leaks from swimming pools or other structures. 

 

When it comes to purchasing condo insurance, you have every right to shop around for the best coverage and prices. If you’re looking to buy condo insurance for your new home, or are considering changes to your current policy, contact Allstate agent Eric Kyer at (706) 226-5240. Eric proudly lives in and serves the Dalton community. 

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Sources

https://www.iii.org/article/insuring-co-op-or-condo

https://www.allstate.com/condo-insurance.aspx