How Does Condo Insurance Work?

Most condo owners in Oviedo, FL, would like to protect their homes against various risks but are unsure how condo insurance works. A policy seeker may be wondering where to start, especially if it is the first time purchasing condo insurance. To help you with this challenge, The Wurzel Agency explains how different condo coverages work.

Building Property Coverage

This type of coverage offers protection to your condo’s interior against risks like theft, fire, and vandalism. Some of the items protected include fixtures like the interior walls, cabinets, sinks, and floors. If any of the covered risks affect the interior of your condo, the insurance company helps pay for the replacement or repair costs of those items.

Content Coverage

When perils like thefts, fire, and storms damage your property, contents coverage helps take care of the repair or replacement costs. Some of the items covered under this policy include electronics, clothes, and furniture.

Liability Coverage

When a guest gets injured at your condo or their property gets damaged, they may choose to sue you. This type of coverage helps cover legal fees, medical bills, and repair or replacement costs resulting from damages caused.

Loss of Use Coverage

If you can no longer stay in your condo due to damages caused by a covered peril, loss of use coverage can compensate you for the additional living expenses. This includes the cost of temporary accommodation, your meals and transport costs.

Loss Assessment Coverage

Condo owners also need to understand what is covered by their condo association’s insurance policy, which may be referred to as a master policy. A master policy covers common areas like the roof and the boiler room. If any of those areas are damaged, this policy helps cover the repair or replacement cost.

If you are interested in buying condo insurance in Oviedo, FL to protect your investment, reach out to The Wurzel Agency today. Our agents are ready to take you through various coverage options and help you choose the right policy.