925 Capitol Landing Rd. Suite A
Williamsburg, VA 23185
Condo insurance is a mandatory aspect of joining a condominium community as an owner. Virginia condo owners are property investors that can secure their investment and its content from natural disaster, damage to shared infrastructure, and liability from a guest's slip and fall or other injury with condo insurance.
Separate from homeowner's insurance coverage, condo insurance agreements are policies that provide special provisions for the liability and compensation of claims in a co-op property setting. Regardless of the market value of a condo, and premises upkeep, it is important to protect your condo, and yourself from risk events that could lead to costly out-of-pocket expense.
Disasters causing structural damage to interior walls and infrastructure are covered in a homeowner's indemnity agreement. Losses sustained from damaged belongings can be compensated by condo insurance, so that a home can be put back together again. Lawsuit fees and other expenses associated with a guest injury that has resulted in claim, are also covered by a condo insurance policy. Here are the basic types of condo insurance agreements:
Comprehensive Coverage - a homeowner insured to cover condo interior structural repairs and content replacement costs after a disaster, theft, or other destruction or damage has taken place.
Individual Coverage - protects family members form an owner's debt and future obligations in the case of an insured's death.
Packaged Indemnity Coverage - coverage of a condo repairs and replacement of personal effects.
Combined Life Coverage - life and condo insurance property, personal property, and liability coverage combined.
Condo insurance policies are specific indemnity products, designed to protect a condo owner, their investment, and their relation to a condo community post a disaster or liability incident. Request consultation from an insurance broker about deductibles, grace periods, and other terms and conditions to a condo insurance policy.
To find out about condo insurance in Williamsburg, VA, and to obtain a quote, contact Commonwealth Insurance Center.