If you live in a condo, it is essential that you understand how insurance works for you. Here at Com-Co Insurance Agency Inc, serving Mount Prospect, IL, and the surrounding area, we are committed to helping clients understand their insurance options to make smart insurance choices. Keep reading to learn more about condo insurance.
Understanding Different Types of Condo Insurance
When we talk about condo insurance, you should keep two different types in mind. There is condo insurance that is carried by a property owner for the protection of the entire property. This is the insurance that your landlord or property manager will have in place on the condo. This type of insurance protects the owner and their investment in the condo.
The other type of condo insurance is coverage that a condo resident will have in place to protect their own personal belongings within the condo.
You Are Responsible For Condo Insurance
You, as the resident, are responsible for carrying condo insurance if you want your personal belongings to be covered. You should consider this type of coverage because the property insurance that your landlord or property manager holds will not cover your personal belongings that might be lost or damaged inside the condo.
What Does Condo Insurance Cover?
Condo insurance covers the cost of repairing or replacing your belongings that might be lost or damaged at the condo during a qualifying event. Qualifying events might include natural disasters, fires, or burglary.
If you want to learn more about condo insurance, please get in touch with us at Com-Co Insurance Agency Inc, serving Mount Prospect, IL, and the surrounding areas.