Why Is Condo Insurance Important?

Condominium insurance policies safeguard your personal property and reimburse you to fix covered perils. You will also have liability protection for potential injury or property damage experienced by those entering your property. You can get a fast quote for condominium insurance from the professionals at MTC Insurance Agency Group in University Place, WA. Keep reading to find out why we recommend coverage for every condo owner.

Reasons You Need Condominium Insurance 

Here are just a few of the reasons why condo policies are so important. First, they play a critical role in protecting your investment. Condo insurance protects your unit and your belongings. Usually, the HOA has a master policy to handle the lobby, parking area, hallways, and other common areas. However, the master policy doesn’t pay for damage to your condo’s interior space. So, in the event of a fire or other covered peril, your condo policy covers important gaps.

You’ll also need liability protection for your home or investment property. Condo insurance usually includes injuries sustained by visitors to your unit. Many policies also include reimbursement for legal costs associated with covered scenarios. That can provide peace of mind when you want to entertain or have workers upgrade the unit.

What if you can’t live in your condo due to fire or other covered events? Some policies pay for living expenses if you must move out during restoration. That may include meals and other essentials. Do you still pay a mortgage on your condo? Most financial institutions require insurance as a condition of the loan. Investing in condo insurance is always a good idea. Without coverage, you might end up paying for repairs to your unit.

Our team is here if you need to review your existing policy. Contact MTC Insurance Agency Group in University Place, WA, to customize your condo insurance policy today.