Do you have a loved one making a huge lifetime move, starting a new chapter? Perhaps parents who have finally decided to sell your childhood home and downsize to a condo? Or perhaps a sibling who has made the big move into a condo and out of your parent’s house? While there are so many amazing benefits to living in a condo and having a condo association did you know that your loved one is still liable for certain things? Obviously, it is better to have Condo Insurance in case of any incident, such as a fire, theft, water leaks or any damage, in those areas that are common. Without a policy, and seeing the dire consequences that these events may entail, it is likely that condo owners will be forced to pay for the related expenses, which can be very expensive, especially if personal damage occurs.
When thinking about the risks that affect condo owners, you should be aware that a large part of the building serves as a passageway for many people and it is advisable to prevent situations such as, for example, someone slipping down the ladder because it is wet. Or that a tile gives way by the force of the wind and falls on the windshield of a car. In those specific cases, the condo association would be responsible. However, what if an incident occurs inside your condominium? It means that you would be liable to the visitors and so that is why condo insurance is so essential.
You and the Association
As mentioned before, in the event of an accident that generates civil liability for damages in common areas, the condo association would have to respond in solidarity with their own assets, and this is where the condo fees come into play. It is only your responsibility as a condo owner to take care of your own insurance so that the liability that rests on your shoulders is handled by your insurance company and you don’t have to be in wrangling with the condo association. Before you purchase your condo, it is best to learn the details of the master policy that the association carries so you know what is covered and what is not.
Another risk that threatens any building is fire. The possibility of a fire is one of the largest and most expensive losses that can occur in a residential property. If you are affected by a fire in your condo, it is convenient to have fire insurance that covers your entire personal space.
Mishaps To Consider
There are other additional types of condo insurance coverage that you may want to discuss with your agent or agency. This will safeguard you against other liabilities and expenses. Water damage is one thing you have to take into consideration. For example, what if your neighbor above you has a leakage and it seeps through and affects your living space? This can be detrimental to you if you don’t have condo insurance. If your neighbor refuses to do the repairs, you could end up paying for it. If the opposite is true where your condo leakage causes damages to your neighbor, it is even worse when you don’t have insurance.
Never wait for something to happen before contacting a Denver Insurance Agency. It is better to secure condo insurance prior to an incident. Do yourself a favor and get in touch with one before you regret it.