Condominium ownership has grown exponentially in recent. Many people find these units a convenient way to enjoy housing without the burden of constant maintenance that a single-family home requires. Others use them for vacation homes or for income property. Condominium owners have special insurance needs to protect them against financial loss. At Columbia River Insurance in Vancouver, WA, we can help you determine the right condo insurance for your needs.
Condominium associations generally carry insurance to cover the exterior structures and common areas. These “master policies" may cover everything from the exterior walls to the inside. However, they do not cover interior flooring, appliance and personal belongings. Additional coverage may be needed to prevent serious losses from fire, water damage from broken pipes or other events. In addition, the financial institution that holds your mortgage may require additional insurance in order to finance your condominium.
Typically, condo insurance will provide coverage for all personal items kept in your condominium on a normal basis. It will also cover any improvements you have made to the property. In addition, insurance covers liabilities and medical costs from accidental injury.
Personal items, such as furniture, clothing, decorative goods and artwork can add up to thousands of dollars when they need to be replaced. Insurance can also help you to pay for an alternative living space, while your condo is being restored after a damaging event. These benefits help to ensure you don’t suffer a significant financial loss that can adversely affect you and your family.
The experienced agents at Columbia River Insurance in Vancouver, Washington have the knowledge and experience to answer all your questions about your insurance needs. Call us today to discuss your insurance needs and to learn how condo insurance can protect you from common losses involved in condominium ownership.
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