Condominium Insurance

Your condo provides you and other members of your household with stability, safety and security. However, like any physical property, condos may be subject to various perils and hazards that could inflict significant damage. Furthermore, these homes typically represent substantial financial investments, meaning you must take steps to limit potential losses. Fortunately, condo insurance can provide versatile financial protection. 

What Does Condo Insurance Cover? 
Condo insurance policies may function similarly to standard homeowners insurance and renters insurance. Adequate condo coverage may include several forms of financial protection that limit the monetary consequences of various common incidents. While the exact details of your condo insurance policy may be customizable, you should make sure the following are covered: 

• Interior structure—While you may not be responsible for the exterior of your unit, condo insurance should still be secured to financially protect the inside of your home, including its floors, built-in appliances, plumbing and wiring.
• Personal possessions—If your belongings are damaged by a covered peril, such as a fire, theft, burglary or some weather incidents, this part of your condo insurance may help pay to repair or replace them.
• Personal liability—If you are responsible for the medical bills, property damage or other financial losses of third parties (e.g., neighbors, guests or passersby), this coverage may help insulate you from out-of-pocket costs.
• Temporary living expenses—If your condo is rendered temporarily uninhabitable, this coverage may help pay for losses and expenses, such as hotel accommodations, restaurant meals and storage units. 

Is Condo Insurance Required? 
You are typically not legally required to purchase condo insurance; however, your condo association or property management company may mandate coverage. In addition, if you’ve financed your home, your lender may require you to carry insurance throughout the duration of your loan.  

Why Do I Need Condo Insurance? 
Even without legal requirements or other obligations, condo insurance should be considered a critical investment. These policies can protect you from potentially catastrophic financial losses, as lacking coverage could leave you without the means of repairing your home, replacing your belongings or otherwise managing fiscally difficult situations.  

Get the Right Coverage 
With over 40 years of service to the Birmingham, Bessemer and Roebuck areas, the dedicated staff at PAC Insurance Agency is well-equipped to help you assess your condo coverage needs and secure an optimal policy. Contact us today to get started.