Homeowner’s insurance is a must for anyone who owns a home. But what if you live in a condo? Do you need to buy condo insurance? The short answer is: yes, whether it’s a condo, townhouse, duplex, and single-family house, you should always insure your home and belongings.
Who Needs Condo Insurance in Bellevue, WA?
Your Condo Association Fees Don’t Cover Your Home
There are many reasons to have condo insurance. For one, your condominium association’s insurance policy only covers the building itself and common areas. It does not protect your belongings or liability. So if there’s a fire in your condo unit, or if an injury to a guest in your home occurs, you will be responsible for the costs.
Condo Insurance Covers Your Possessions
Another enormous benefit of condo insurance is that it will cover your belongings if they are damaged, destroyed, or stolen. Your condo association’s policy will not cover your furniture, clothes, electronics, or any other items in your home. So if a pipe bursts in your unit and damages your possessions, your association’s policy will not reimburse you. You will need your own condo insurance policy to cover the cost of replacing your belongings.
A VIP Insured insurance agent can help you select the right coverage for your needs.
Your Mortgage Requires Condo Insurance
Most times, your mortgage lender will require you to have condo insurance. They want to make sure that their investment is protected in case of damage to the building or if someone gets injured while in your condo.
Unless you have significant income to cover legal costs, you need liability insurance. If an injury occurs to a guest while in your home or damage someone else’s property, you could be sued. Condo insurance can help protect you from having to pay out of pocket for these costs.
If you’re a homeowner in Bellevue, WA, it’s vital to have condo insurance. Contact VIP Insured today to get a quote.