Common Myths About Condo Insurance

If you have recently become a lucky owner of a dream condo, it is time to start thinking of proper condo insurance. In order to have the right information about this type of insurance and get the perfect coverage to protect your assets, you should be aware of several misconceptions and myths surrounding condo insurance. Here is a list of a few of them prepared by BenefitSource Insurance Services Inc. that serves Aliso Viejo, CA and other surrounding towns:

Condo Insurance Protects Personal Belongings Only

Condo insurance is similar to homeowners and renters insurance, meaning that it protects much more than just personal belongings. It also covers additional living expenses (in case if your condo becomes uninhabitable and you have to live somewhere else for a while) and liability claims. It also covers the additional cost of renovations you have made to your unit. 

There Is No Need To Get Condo Insurance If a Condo Corporation Already Has One

Unfortunately, insurance carried by a condo corporation is not designed to protect you as an owner or any renovations that you have made to your condo or personal items. Condo corporation insurance protects the building itself and common areas, including gym, rooftop lounges, hallways, and others. In order to protect the stuff inside your unit, you need to get other policies. 

Condo Insurance Covers All Types of Water Damage

The truth is that usually coverage for sewer backup or overland water damage is not included in a standard condo insurance policy. However, there is a possibility to add it as an extra policy.

If you are a lucky owner of a condo, you probably understand that protection of it is important. The most efficient way to do it is to have condo insurance. If are a lucky owner of a condo in Aliso Viejo, CA or any other surrounding town, professional and experienced agents of BenefitSource Insurance Services Inc. are ready to assist you and help you find a policy you really need.