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Condominium / Renters

If you are renting a home or if you own a condominium, you may not think insurance is important. Obviously, your landlord must insure the building in which you are living, as well as the grounds on which the property is located.  However, the landlord is only responsible for insuring the things that he or she owns-the building (in the case of renting) or the structure (in the case of a condo) and the property. Your belongings are still your responsibility.

Condominium owners should consider dwelling improvements, alterations, and additions insurance. This will cover the owners for any accidental damage that occurs to improves that you have made on your unit for which your association’s policy does not provide coverage. This is subject, however, to your condo insurance policy limits, created by your association. While the association may be responsible for the structure of your condo, any additions or improvements you have made are considered your personal property.

Condominium owners also receive insurance for loss assessment with condo/renters insurance. This means that condo owners can receive actual cash for costs that arrive from covered damage. This can be used to pay for property damage, or for injury awards that occurred in your condo, for which your association’s policy does not provide coverage. The amount of money available for loss assessment varies depending on what type of plan you choose, but a great deal of money can be made available with more expensive plans.

Finally, both condo owners and renters alike will receive personal property insurance with this type of insurance coverage plan. This is the type of plan that usually comes to mind when one thinks of “renter’s insurance.” This insurance may not seem important initially; after all, things like couches, clothing, and stereo systems do not seem very valuable when compared to things like a home or a car. However, the cost of these things can add up if they all need to be replaced at the same time, for example after a burglary or a fire.

Here at BIA Insurance Agency, we offer a wide variety of personal condominium and renters insurance coverage options for you and for your family. One of our experienced and knowledgeable personal insurance plan representatives will be happy to assist you and to help you determine what type of coverage is best for you. We are happy and eager to answer all of your questions, and to help you find the best, most affordable and extensive condominium/renters insurance coverage for you and your family, so give us a call today.

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