Most condos come with a Master Insurance policy that protects the exterior of the building and common areas. To protect the interior of your unit and personal effects and cover liability risks, you’ll need to buy individual condo insurance. With the help of a TCU Agency agent, you can determine what kind of condo insurance coverage you need. An individual condo insurance policy will provide you with such basic protection as:
Individual condo insurance (aka HO6 insurance) will protect your unit’s walls, ceilings, light fixtures and floors against damage from fire, inclement weather, vandalism, and smoke. You never know when a catastrophe will strike, causing major damage to the interior of your Tuscaloosa AL condo. With condo insurance, you don’t have to worry about paying for repairs on your own.
Coverage for Personal Property
Personal property/condo contents coverage protects your personal effects to include furniture, clothing, jewelry, appliances, electronics, artwork and more. By making an inventory of your belongings, you can be prepared for making a claim when the time comes.
When insuring your personal goods, consider getting replacement cost coverage as opposed to cash value. With replacement cost coverage, your insurer will pay the cost of replacing your goods if they are stolen or lost. Pricey items such as costly jewelry, antiques or artwork may need an endorsement to cover their replacement cost.
Liability insurance protects you if a visitor has an accident on your property. If a friend cuts his hand while helping you cook or slips and falls in the hall, your liability coverage will pay for his medical care. Liability coverage also pays for damages you may cause to your neighbor’s condo, whether by accident or through neglect.
To learn more about condo insurance coverage and costs, contact us at TCU Agency, Tuscaloosa, AL.