Condo insurance is a coverage that is bought by the owner of a condo. This policy helps to pay the cost for repairing your unit and replacing your personal belongings if stolen or damaged by certain perils stated in your policy documents, such as fire or vandalism. Your homeowners or condo entails a master policy that insures the building and common areas. Still, you require to purchase your condo insurance policy to protect your unit and the personal possession inside your condo.
Condo insurance is not mandatory in Maryland but having it at your disposal is crucial because it offers coverage to your important stuff like personal belongings and improvement in your unit. Condominium Act in Maryland requires the condo association to possess property insurance for both common elements and individual units. This policy provides property owners with coverage for unexpected damage when catastrophe strikes and caters for additional costs arising from living elsewhere after your condo becomes uninhabitable. A condominium policy offers expansive coverage to your personal belongings, appliances, and installed fixtures, and other attached features in your unit.
It's important to know that condo insurance does not cover disasters such as floods and earthquakes. You need to buy a separate cover for these hazards. Buying a condo insurance policy from an authorized insurance company in Maryland inculcates a sense of security in case of any unexpected incertitude. Visit us today at One Stop Insurance Agency LLC and get more information about the condo insurance policy.
Condominium insurance protects your personal belongings against a covered peril stated in the policy document. Things covered include:
It's worthwhile to note that some valuables have limits in your condo insurance. These include fine art, antiques, and jewelry. You may need to buy an endorsement to provide additional protection for certain items.
Are you a resident of Maryland required to purchase condo insurance? Feel free to call or visit our One Stop Insurance Agency LLC offices for more information