While many people believe you only need to purchase a policy if you are purchasing an actual home, purchasing condo insurance is actually recommended for condo owners as well. For condo renters and owners alike, the following is an overview of 3 benefits of condo insurance.
While many condo owners and renters choose to settle for the master insurance policy held by the Condo Association, be advised that just because you are paying a fee for it doesn’t mean you are sufficiently insured. Quite the contrary, the average person who settles for the general insurance package finds themselves to be under-insured when the time comes for them to rely on their benefits.
Theft and Water Damage
Speaking of which, theft and water damage are one of the most commonly occurring issues among renters and owners of all kinds. If you refuse to purchase your own policy for your condo, you will likely be on your own in the event that you experience a burglary or your home is flooded.
Loss of Use
Finally, loss of use seems to be one of the least considered elements of renting or owning a condo. In other words, there are many reasons why you may be forced from your condo for a prolonged period of time. The master policy will likely not provide you with any compensation in order to secure housing. By purchasing your own policy, you will have the financial support when you need it most.
Do you live in Cincinnati, OH and need a condo insurance policy? You’re in luck. Advantage Insurance Network offers condo insurance as well as a variety of other types. Simply call, stop in the Advantage Insurance Network office, or email today to find out how you can start your policy today and protect your most prized possessions.