WASHINGTON--(BUSINESS WIRE)--Condo living is a tough act to beat. You’ve got the equity of a property owner and the convenience of calling someone else if something falls apart. While you don't have to worry about the maintenance of a house, you still need to protect what's inside of your home. GEICO offers five reasons why condo insurance safeguards your family and property, and why it’s definitely worth considering.
Your condo association insurance does not cover your belongings
If you own a condo, then most likely you are paying a monthly condo association fee, which includes a master insurance policy purchased by your condo association. This policy only covers the building's exterior structures, commonly owned property such as walkways, hallways, pool area and general liability for the condo association. As a condo owner, you assume full responsibility for everything that happens in the interior of your unit.
Safeguard your personal property
Why take on a financial risk if you don’t have to. Condo insurance is designed specifically to safeguard your personal property from fire and lightning, smoke damage, theft, break-ins or vandalism and water damage to your unit’s interior walls, floors and fixtures.
Your neighbors can be a liability
It can happen. Your friendly neighbor from across the hall slips and injures himself on a wet floor in your kitchen. Are you prepared to pay legal and medical fees if he decides to take up legal action? Your condo policy includes personal liability protection for certain kinds of accidents, which may cover injury or property damage to others caused by you or a member of your household. In addition, your policy contains medical payment coverage for minor injuries to people who don't live with you but are injured on your property.
Get familiar with loss assessment coverage
Every condo owner should be aware of loss assessment coverage. If someone decides to file a claim against your condo association due to an injury in the building or common area, in most cases the claim will be covered under the condo association’s master insurance policy. However, if that policy contains insufficient liability limits, each member of the condo association may be equally assessed to cover the difference. Loss assessment coverage pays your share of an assessment levied against all members of a condo association as a result of a covered loss.
Know the value of your stuff
Make sure that you have a complete estimate of the value of your condo’s personal property. Document (video or photograph) the interior of your unit’s (property and structures). Keep a list of estimated replacement costs, which will help determine how much insurance to purchase and also allow you to calculate your losses if you ever need to file a claim.
For more information on condo insurance, visit www.geico.com/information/aboutinsurance/condo/.