Contrary to common belief, Condo Insurance may resemble Homeowners’ insurance due to some protection safeguards, but it generally protects your unit, unlike the latter. This means that common areas within your Mississippi, Louisiana, and Alabama condo will likely fall outside of the stipulated coverage area. To break down condo insurance, Bishop Insurance Brokers Inc. highlights some coverage options to consider looking into.
Property coverage keeps the interior of your condo safe. Items covered include walls, floors, and permanent fixtures like bookcases. This will take care of damage caused by wind, fires and vandalism, along with stolen items. This policy helps you cover your repair or replacement costs based on the extent of the damage.
Liability coverage protects you when you encounter bodily injury liability or property damage liability. This means that if your friends get injured in your condo, this policy will offset any hospital bills. If their property also gets damaged, it will ensure that their items are repaired or replaced. If you are also sued for any of the above claims, this coverage will protect you.
Content coverage ensures that your personal property is protected when covered perils such as hail, theft, or vandalism occur. It will cover belongings such as clothing, furniture, and electronics. Expensive art and jewelry will often fall out of this coverage, resulting in extra coverage.
If covered disasters cause damage to common areas of your condo and your Master Policy gets exhausted, you will likely have to pay for the costs involved. Loss assessment coverage helps you pay for these shared losses, allowing you to eliminate additional expenses.
Additional living expenses coverage takes care of your expenses when you can no longer live in your condo due to damage from covered perils. It will reimburse you for expenses such as meal costs, accommodation fees, and transport costs.
If you reside within Mississippi and need specialized coverage to keep your condo safe, condo insurance is what you need. Consider reaching out to Bishop Insurance Brokers Inc. today for insurance tailored with your condo needs in mind.
