When you are financially able to buy a condo, it can be a very rewarding experience. While you are enjoying your new home, it is crucial to make sure you do what is necessary to protect your investment. The best way to do this is by investing in a proper insurance policy. Here’s four reasons to consider buying condo insurance in the St Augustine, FL, area. Without it, you could end up finding yourself in an unnecessary and difficult financial situation.
Building Coverage
Your condo can be damaged from the outside in a variety of ways such as by arson, flooding and high winds. The building coverage included with a condo insurance policy will help to protect the outside of your home from many of these unfortunate and unpreventable occurrences.
Liability Coverage
Accidents can happen. If they happen to a visitor of your condo or property, you could end up getting sued. Even if you only ever have close friends and family over, it is in your best interest to have liability coverage in the unfortunate event someone gets hurt. Liability coverage can also cover you for the cost of a claim for property damage caused by your visitors or yourself.
Personal Property Coverage
When you buy your own condo, you will be filling your home with many personal belongings. Some of those items may be expensive and costly to replace. Personal property coverage will cover any destruction, damage or theft of your personal belongings. Burglaries, thefts, fires and other incidents can happen to anyone at any time. It is best to be prepared.
Deductibles and Loss Assessments
This portion of your policy will cover you in the event your condo associated makes a claim against your master policy claiming you are underinsured. They will try to get you to pay the extra costs on the main policy for the condo association.
In St. Augustine, FL, condo insurance should be something you consider to protect yourself and your investment in the event of one of these unfortunate incidents.
