When you own or rent a condo, you like to show it off to friends and family. When you invite guests to your condo, you are likely focused on entertainment and ensuring everyone has a fun time. Lawsuits and medical claims are likely not on your mind at all. However, one simple accident, even something as small as someone slipping and falling on a throw rug, or tripping down the stairs, can potentially lead to lawsuits and claims of medical expenses for which you may become responsible. That’s where liability coverage can help protect your assets. Understanding condo insurance options is a large undertaking. But that’s why we here at Snyder Insurance are committed to helping you make sense of it all. Condo insurance made easy is the name of the game!
Understanding Condo Insurance Options
While a condo association’s insurance most often offers some form of liability coverage, it generally takes effect only for the common areas of the complex: such as the lobby, lounge, exercise rooms, swimming area, hallways, stairwells, elevators, or any place open to the public. Privately owned areas are generally not included with this coverage, which leaves you open to problems should someone be injured while in your privately owned condo. This is why additional coverage is recommended to protect you in the unfortunate event that someone is hurt while visiting you, or coming in and out of your condo.
What Does Personal Liability Coverage Protect?
This insurance coverage goes a long way in helping to protect you if you are sued or there is a court ruling against you in a case involving an accident in your home. It also covers you should you be held responsible for damage to someone else’s condo or possessions within their condo. The coverage would kick in, for example, if someone sues you after they slip and fall in your bathroom. It may also cover you should you accidentally break or damage something -like drywall or a window, for example- in someone else’s condo .
Additionally, most condo policies will offer an association policy that you can buy into. This type of coverage will often cover events that are hosted by or on the general condo property; such as community events, block parties, and other events. The coverage protects you and any guests that you bring to these events. So, if anyone is injured at the event, they will be covered. There is also a policy option known as “loss assessment coverage.” This can often be included in your personal condo policy, and helps ensure that you only pay a deductible. It works much like health insurance policies work, in the event someone files a claim against you.
At Snyder Insurance we help condo owners understand the ins and outs, and work toward the final goal of condo insurance made easy. If you find that understanding condo insurance options is a struggle, let us know. We’re here for you!
Limits are generally associated with condo liability coverage. This means that the policy may provide coverage up to a certain amount. For instance, personal liability coverage usually offers $100,000 to $500,000 in protection. This is why it is important to talk to a experienced insurance adviser, so you can make sure you are getting the best coverage and the best protection for you and your family with condo insurance.
Is A Standard Policy Enough?
A standard condo insurance policy may be made available to you as part of your terms and agreements when you buy or rent your condo. These plans can do a lot to help protect you, but they may not be enough in all situations. This is where a personal umbrella policy can be helpful. It extends the limits of your coverage. It protects you against that unusual chance that, though not be likely to happen, could destroy your life financially if it does.
One lawsuit, even a small one -or even a claim that you end up winning- can take a financial toll on your life. It can leave you in financial ruin and struggling for years to come. An insurance agent from our team can provide you with all of the important details and information that will help you make the right choice, when it comes to finding the condo insurance coverage that best fits your needs. Call Snyder Insurance today and see how condo insurance made easy can work for you, and how you can take the first step today in understanding condo insurance options in your area. We are here, so call us today and discover the difference quality insurance can make!