Three things you might not already know about condo insurance

If you live in a condo in Williamsburg, VA, you need to invest in condo insurance coverage. Commonwealth Insurance Center is a condo insurance provider you can rely on to protect your investments in your property.

The following are three things you might not already know about condo insurance. 

Important limitations to be aware of with condo facility master policies. 

While condo facilities offer some insurance coverage through master policies, condo owners need to know about the limitations of these policies. 

Master policies for condo facilities only cover the building structure. They do not cover the interiors of condo units or the personal property within condo units. Master policies also don’t cover liability expenses that condo owners may face if a guest is injured within their unit. 

Condo insurance can cover living expenses temporarily.

Severe damage to a condo unit can make it so that it is temporarily uninhabitable. In this situation, a condo insurance policy will typically cover the costs of staying in a hotel for the policyholder until the unit is adequately repaired. 

Condo insurance policies should be updated after renovation projects and upgrades.

A condo insurance policy should cover the full value of the condo unit that it insures. Renovation projects can increase the value of a condo. This makes it essential for policyholders to update their condo insurance coverage after they’ve completed a renovation or invested in a major upgrade to their condo unit. 

You can insure your condo today by calling us at Commonwealth Insurance Center. Call us for a quote on a condo insurance policy for your condo in Williamsburg, VA.