House owners purchase homeowners insurance to safeguard their investments, but what are the options for condo owners? Condo insurance provides similar coverage for condominium owners — for example, policies pay for repairs if your property burns down.
The Benefits to Condo Owners
But what benefits can condo owners get from gaining a good condo insurance plan? Here are some of the steps, and the advantages.
Condo Insurance Saves You Money
Saving money is the top reason why you need condo insurance. While premiums may seem unnecessary, they’re nothing compared to repair bills after a tornado, hail storm, or vandalism. Depending on the extent of the damage, costs can run into thousands or tens of thousands of dollars. Paying all of that at once can cripple otherwise financially stable individuals.
Insurance takes on this burden, so property owners don’t have to. Additionally, companies usually provide a list of trusted contractors for rebuilding. That way, homeowners don’t have to worry about scammers.
Condominium Insurance Provides for Additional Living Expenses
Where will you live while your condo undergoes repairs? When you have the right policy, you will not need family or friends to house you. Instead, your insurance company will pay for temporary accommodations. It may sometimes mean a hotel stay, while more long-term reconstruction may necessitate a rental home.
Of course, you’ll have more unexpected expenses than a hotel room rate. Moisture may have ruined your pantry, requiring grocery shopping. If you’re in a hotel without a kitchenette, you may need to order takeout during your stay. Some places don’t accept pets, necessitating boarding your dog or cat. Finally, you’ll need a laundry solution, and laundromats can get expensive fast.
Condominium insurance provides for all of the above. If you incurred the expense because of the loss of your home, the insurance company might cover it.
Policies Provide Peace of Mind
What benefits does condo insurance have besides monetary savings? The answer is peace of mind.
Unfortunately, accidents happen; extreme weather and other acts of God are entirely outside your ability to prevent. While you can plan for your and your family’s safety, you can’t necessarily save your home. Living with that knowledge can induce anxiety, affecting your relationships and work.
When you have insurance, you know that whatever comes, you’re taken care of. You will have a place to live and won’t take a massive financial hit. That relief allows you to focus on the here and now.
Condo Insurance Protects You From Liability
If guests get hurt in your home, you may be liable for the associated expenses:
- Medical costs
- Lost wages
- Emotional distress
Property owners have a legal duty of care for visitors, and negligence violates that responsibility. Negligence covers a variety of circumstances, from failing to repair damaged steps to delaying shoveling the snowy drive.
The plaintiff may take the case to court, which means legal expenses. You may lose if you choose to represent yourself, especially if the other party hires legal counsel. Regardless, you’ll have to deal with lots of paperwork, deadlines, and jargon.
However, if you have condo insurance, you don’t have to worry about any of this. Your insurance company will handle the details and keep you informed. It will also pay for legal representation and settlement costs.
About Provident Protection Plus
For more than 65 years, Provident Protection Plus has served the businesses and residents across several states nationwide. Today, we are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution. To learn more about our coverage options, contact our specialists today at (888) 990-0526.