Your condo complex says you must purchase condo insurance, so you visit Renee Oliver Insurance Agency Inc. serving Silver Spring, MD. You don’t actually know what condo insurance does yet, but you know you have to have a policy so you can move into your new home.

Condo Insurance: A Type of Home Insurance

Condo insurance does exactly what homeowners’ insurance does. This type of home insurance provides protection for the interior of your condominium and its patio or balcony. It includes coverages for:

• property damage protection,
• liability,
• named peril,
• temporary housing coverage.

Named Peril and Property Damage Protection

If a named peril, such as fire or tornado damages your home, the property damage coverage kicks in and pays for the repairs to the condo. This includes the patio or balcony attached to your condo. If you store items in a storage unit assigned to your condo on the property and it incurs damage, thereby damaging your property, that’s covered, too.

Liability Coverage

The medical care and settlement paid to any individual who incurs an injury while at your home also falls within the coverage of your condo policy. If the individual sues you, the liability coverage pays the court costs, attorney fees, and the court settlement, too.

Temporary Housing Coverage

Some condo policies also offer payment for temporary housing if a named peril damages your condo to the point that you cannot safely stay there. The housing payments last for the time that repairs take place.

Contact Renee Oliver Insurance Agency Inc.

Let Renee Oliver Insurance Agency Inc. serving Silver Spring, MD help you fulfill your condo complex’s condo policy requirement. Call us today.