Owning a condo in Wallingford, CT can be an exciting experience. But along with the excitement of owning a condo also comes responsibility. One of those responsibilities is having the right insurance for your condo. Lana Insurance Center Inc. understands your need to protect your investment.
Here are a few things to consider when selecting the right condo insurance:
What Insurance Do I Need?
The most important thing for any condo owner to understand is that your condo association’s insurance does not cover you personally or your possessions inside your unit. You get coverage to protect your personal property and liability if something happens inside or outside your unit. This type of coverage is known as “HO-6” insurance, and it’s required by law if you’re living in a condominium.
When purchasing HO-6 insurance, keep these points in mind:
• The policy should cover the structure of your unit, including walls, floors, and ceilings.
• It should also provide liability protection if someone is injured on the premises or if someone sues you for damages caused by something arising from within the unit or common areas shared with other unit owners.
• Don’t forget that flood damage isn’t covered under this type of policy – you will also need additional coverage for that!
Do I Need Additional Coverage?
If you own a condo, there is some extra scope that you might want to add to your policy, depending on where you live and what kind of lifestyle you lead. For example, adding riders to your existing policy is a good idea if you own expensive items like jewelry or artwork.
Give Us A Call
If at any point during this process, you feel overwhelmed with all the different options available – contact Lana Insurance Center Inc. in Wallingford, CT. We will be more than happy to help you find an affordable yet tailored solution that meets all your needs today!
While condo insurance is not required by state law in Connecticut, it’s a wise investment choice whether a condo is your primary residence or is an investment property for you and your family. Lana Insurance Center Inc. is here to help in any way we can as you shop around for condo insurance in Connecticut.
Condos often come with condo associations, which typically do require condo insurance within their bylaws. If you worked with a lender to secure a loan to purchase the condo, they often require a minimum coverage policy on condominiums.
What Does Condo Insurance Protect?
While many condo owner’s associations cover the exterior structure of the condo, the protection of the interior falls on the owner. This is where insurance comes into play; whether your home becomes damaged due to weather or natural disaster, or is broken into and your belongings are stolen — these are the scenarios where you need insurance, and not having it can leave you in financial hardship or ruin.
Liability coverage is also important when purchasing condo insurance; this type of coverage helps if someone is injured while at the residence and requires medical attention. Liability insurance is often overlooked, so avoiding that scenario by adding it to your policy is highly recommended by most insurance companies.
The truth is simple — investing in condo insurance is a no-brainer. It’s simple enough if you trust the experts at Lana Insurance Center Inc. We’re a team of insurance professionals who can guide you through the process of selecting a policy with adequate coverage for your needs and leave you feeling satisfied and well protected against anything that may happen.
Condo insurance is vital coverage to have if you own a condo. It encompasses several different types of insurance coverage, all of which help you to maintain your standard of living after the worst happens to your condo. If you need a condo policy, call us at Lana Insurance Center Inc. to talk about this important insurance coverage.
Coverage for Your Possessions
Most of what you own will be in your condo, and all of those belongings need to be protected. If a serious incident or disaster should happen, this coverage will allow you to replace many of your things so that you don’t have to start over with nothing. This coverage keeps you from having to live without any possessions if yours are destroyed or become seriously damaged.
Protecting Your Home
Another part of the condo insurance that covers your home is the protection for the inside of the dwelling. The outside of it is generally owned by the condo board, but the inside needs to be protected. With this coverage in place, you can get damage paid for so that you can get back to your normal life. It protects you from having to live with major problems and damage to your home.
Coverage for Another Home
If there is an incident or disaster that damages your home so much that it is unlivable, your condo insurance will pay for you to live somewhere else in another home while your condo is being rebuilt or repaired. This is another important coverage type that protects your standard of living even if something terrible happens to your home.
Get Your Condo Coverage
If you need a condo insurance policy, don’t wait. You never know when disaster can strike. Contact us at Lana Insurance Center Inc. to talk with an agent about your insurance needs.