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Who Needs Condo Insurance in Bellevue, WA?

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.

Liability Protection

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.

How Does Condo Insurance Work?

If you own a condo, the chances are that your mortgage lender and your condo board both require that you have condo insurance coverage. If you don’t have your condo policy in place yet, call us at VIP Insured in Bellevue, WA to find out more. 

Coverage for Your Possessions

One of the most important parts of a condo insurance policy is that it covers all of the owned items that are inside. Your possessions are important to you, and it would be challenging to replace them all without insurance coverage. Several calamities and accidents can result in your things being ruined or destroyed, and having this coverage is a good way to stay protected against them. 

Coverage for Part of the Dwelling

When you own a condo, you don’t own the entire dwelling itself. You own the interior portions, but how deep that goes depends on your specific contract. For some condos, your ownership ends at the interior portion of the walls that face the exterior. In others, you also own what is inside the walls, making you responsible for much of the electricity and plumbing. Your condo insurance policy must take into account exactly which portions you own and must have insured. 

Coverage for Disasters

If there is a disaster or calamity that makes your condo uninhabitable, your condo policy will pay for you to move in somewhere else. It may also provide for many of the expenses involved in moving to a safer place. This type of coverage is essential for protecting your standard of living. 

Call an Agent

To talk to an agent about the condo insurance you need, call us at VIP Insured in Bellevue, WA.

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