Condo Insurance in South Jersey
Condo insurance and homeowners insurance are generally similar in that they both offer protection for personal property and liability coverage. At Insurance Agencies, Inc., we want to help you find the right condo policy to fit your needs. Contact us today to start discussing your policy options.
What Does Condo Insurance Cover?
While the condo association you live in will have its own master insurance policy to cover the property it owns, you as an individual unit owner may need your own personal policy. Some common coverages include:
- Contents insurance—This portion of your policy insures your personal belongings like furniture, electronic, clothes and certain high-value items.
- Liability coverage—If an accident occurs on your property that harms someone else or damages their belongings, this type of coverage will help you repay them if you are legally responsible for that loss.
- Additional expense protection—This type of coverage will cover expenses like meals and hotel bills if a covered incident occurs in your home that makes it uninhabitable for a short time.
You may also wish to include extra benefits in your policy, like accidental medical payments coverage or scheduled personal property endorsements. Your insurance agent will help you determine if these additional coverages are right for you.
When Is Condo Insurance Mandatory?
Many condo associations require their residents to purchase condo insurance, specifically liability coverage. Additionally, if you mortgage your condo, your lender may also require you to carry insurance to protect their investment.
How to Get Condo Insurance
The agents at Insurance Agencies, Inc. can help you put together the condo insurance policy that’s right for you. Give us a call today at (609)646-1000 to explore your insurance options.