By Emily Miller
Owning a condominium providers an owner with a different living experience if they were to own a house. Usually, they don’t have to worry about everyday external maintenance – such as cutting the grass and shoveling the front walkway.
“Many condo owners make the assumption that since their condo association has insurance, they are fully covered,” said John Zinno, president of GEICO Insurance Agency in a press release. “Condo association insurance only covers the condominium building, commonly owned property and liability protection.”
For instance, if a break-in occurs or there is water damage or someone injuries themselves while in an individual’s condo the condo owner bears all the responsibility.
GEICO highlights that condo insurance provides coverage beyond a basis condo association insurance policy. It protects the condo owners against damage or loss, bodily injury liability and property damage to others and provides coverage protection from windstorms, fire and lightening, theft or break-in, smoke and vandalism.
“Condo insurance is designed specially to protect condo owners from assuming risks that are not covered by their condo association,” said Zinno.
Zinno recommends that owners review exactly what’s covered under their association’s master insurance policy, take inventory of their belongs and determine how much coverage they would like.
In fact, GEICO provides a calculator to determine the compete estimate of the value of one’s personal property.
Owning a condo insurance policy is another way to protect against and recover from life’s unexpected events.
