Living in a condo offers a variety of amenities and conveniences. Many people prefer to reside in a condo with everything they need in one complex. Homeowners realize they need to maintain certain insurance. Often the mortgage company requires them to get insurance to qualify for financing. It is also essential for condo associations and individuals to maintain Condo Insurance in Baltimore MD. Atlantic Smith, Cropper and Deeley offer comprehensive insurance policies for condo and townhouse associations as well as people who own these residences. Both types of insurance are necessary as they cover different situations and items. A dedicated insurance agency can help you find the ideal polices for your needs.
The condo association invests in a policy that covers the actual property as well as the common areas. Typically the common areas are all owned by the people who own condo units. These might include gardens, play areas, walkways and other common areas. If an accident or issue arises, associations must have insurance to limit liability and ensure coverage to unit owners. However, this insurance does not cover circumstances that might occur within the condo units themselves. The condo owner must invest in a separate insurance policy other than the master policy maintained by the complex owner.
For example, condo owners need an individual policy if personal items are stolen or a kitchen fire occurs. The individual policy is designed to meet the needs of each homeowner. Coverage can be provided for a variety if unique circumstances including structural improvements or if you lose income you had from a tenant. You can also get coverage for living expenses that might happen as the result of an accident. If you need to file a claim, your insurance company will help you get coverage through your policy and the master policy maintained by the association. This maximizes the potential of having everything covered so you incur less out-of-pocket costs. Talk to an insurance agent today to learn more about the types of condo coverage that are available. Find out about the master policy maintained by your condo association for the most comprehensive coverage possible.
