When you purchase a home, you probably know that you need insurance for it, so you contact Prokop Insurance Services Inc. serving Plymouth, MN. When you purchase a condo, you might think that the insurance comes with the condo, since the building already has insurance.
The insurance policy for the building’s structure or the multi-building condo complex does not cover your specific domicile or the contents of it. If you make design changes, they aren’t covered either.
When you buy a condo, you still need to buy homeowners’ insurance, specifically, condo insurance. This policy covers the contents of your condo, the changes you make to its interiors, such as built-in bookcases or cabinets, and your liability. That’s right.
Although the insurance policy your condo complex property owners’ association (POA) carries covers its liability in public spaces like the hallways, the laundromat, the business office, the swimming pool, cabana, etc.
Your condo policy covers your liability inside your condo. If a visitor to your home falls and breaks their arm while getting out of your shower, it pays their medical bills and any settlement that arises. However, if they fall coming out of the cabana while enjoying the swimming pool with you, the POA’s insurance pays for the medical bills and the settlement.
Your condo policy covers between ten to all perils. You choose the range, and it affects your premium. Your condo insurance costs less if you choose coverage for only the ten most common perils, but it costs more if you choose all-peril coverage. Deciding which of those options you want takes a consultation with an insurance agent who knows the area’s risk.
Contact Prokop Insurance Services Inc. serving Plymouth, MN, for more information on condo insurance and to discuss which level of peril coverage you’d need.