Condo Insurance in Pennsylvania
Why Should You Have Condo Insurance?
Having a condo insurance policy helps protects your home from a variety of different perils. While you may need to check on your specific policy, risks can include lightning, fire, hail, or explosions.
Getting Condo Insurance in Pennsylvania
Condo insurance is different than getting insurance for a single-family home. There are some things you need to know when you purchase your condo insurance.
The first step is understanding the master policy. An agent at Waller Insurance Agency in Lancaster, PA will help you understand your master policy, so you get the right coverage. Since the common area is shared with other owners, the association will purchase insurance coverage for the common areas. This master policy will outline what is covered and what isn’t. There are three basic types of coverage under a master policy. It can cover common areas and primary buildings, your unit and items within your unit, and the building unit and fixtures. The coverage you will need depends on the scope of coverage of the master policy. It also helps to know the master policy deductible. It’s important to determine what your obligation will be, even if it never materializes since it could be a pretty big commitment.
What Does Condo Insurance Cover in Pennsylvania?
There are several things your condo insurance will cover. These coverages aren’t necessarily related to your condo but can help protect both you and your assets.
Liability protection is necessary if you are found legally responsible for an injury that happens in your unit or damages that occur to someone else’s property that you cause. Loss of use coverage will help you pay for your extra expenses if there is damage to your condo that makes it inhabitable for a period. Medical coverage can be available for those people who are injured while in your condo, whether you are responsible or not.
Contact Waller Insurance Agency in Lancaster, PA to get a quote on condo insurance.