Everything you need to know about condo insurance

Condos are a popular housing option for residents of Mt. Ephraim, NJ. Insuring a condo is similar to insuring a free-standing home. It offers a variety of coverages that are designed to give condo owners peace of mind. At Marino Agency Inc. we are independent agents which means we can offer our clients lots of options in both carriers and price. 

Condo insurance doesn’t have to cover quite as much of your home as home insurance does. Your condo association insurances the exterior of your building and the common areas. This means the exterior siding, windows, and roof are not your responsibility. You need to know exactly where the condo association policy ends and yours begins. Many policies are walls in so you need to worry about everything that is permanently inside your unit others include basic fixtures like bathrooms and original cabinets but not upgrades. 

Your personal property is covered on your condo insurance. You need to decide if you prefer actual cash value or replacement cost. With actual cash value, the depreciated value is what you receive. For example, if your fridge is 7 years old it will not have the same cash value as a new one. With replacement cost, you will get what you need to buy a new similar fridge. 

Condo insurance includes liability insurance which protects you in the event someone is injured while visiting your condo or by a member of your family. It pays for medical expenses, legal expenses in the event you are sued, and for the judgment up to the limit listed on your policy declaration. 

If your condo is damaged, loss of use coverage will help to keep a roof over your head.  

Contact the Marino Agency Inc. in Mt. Ephraim, NJ if you have any questions about condo insurance. or to get a free quote.