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Renee Oliver Insurance Agency, Inc.

13975 Connecticut Avenue, Suite 312
Silver Spring, MD 20906

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Condo Insurance

Three Types of Coverage in a Condo Insurance Policy

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Being a condo owner necessitates having a condo insurance policy as a requirement from your condo board to ensure the day-to-day protection of your property. Condo policies offer multiple forms of coverage. If you need such a policy or want to switch from your current one, contact Renee Oliver Insurance Agency Inc. in Silver Spring, MD, today.

Condo Protection

A primary component of condo insurance policies is the protection it offers to your dwelling. This coverage is responsible for paying for any damages to your condo caused by uncertain accidents or disasters. Without condo insurance, all these expenses would be out of pocket, which can quickly become financially draining. Ensure a suitable insurance policy covers your condo.

Item Protection

Another crucial feature of condo insurance is the protection it offers to your belongings within the condo. If a harmful event damages your possessions, your condo insurance will bear the cost of replacing them. Reflecting on the aggregated value of items in even a single room emphasizes the importance of every belonging and the extensive costs involved in their replacement. This insurance coverage can prevent you from bearing these potentially overwhelming costs.

Liability Coverage

Condo policies also factor in your liability for accidents occurring within your property. In cases where someone sustains an injury within your condo, you might be responsible for their medical bills. As these costs can be exceedingly high regardless of the severity of the injury, this coverage is vital. It covers the medical bills and related costs in such injury cases.

Secure Your Condo Insurance

Adequate condo insurance is essential. To start a policy that offers adequate protection, contact Renee Oliver Insurance Agency Inc. in Silver Spring, MD.

What New Condo Owners Need to Know about Insurance

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Renee Oliver Insurance Agency Inc. is the team to call for all of your insurance needs in the Silver Spring, MD area. We’re proud to serve our community and are here to answer any questions that you might have about condo insurance. Give us a call today to schedule your appointment. 

Understanding Condo Insurance

The most important thing to understand about condo insurance is that a policy is required for each privately owned unit. There’s no protection for unit owners from the Condominium Association’s policy. If you’re purchasing your condo with a mortgage, your lender will likely have some required coverage level standards in place. If this is the case, you’ll want to make sure that their minimum requirements are adequate for your needs. You might feel more comfortable with additional protection.

Your insurance will protect you from damages and repairs caused by a covered event. Your local agent can review your needs with you to help you make an informed decision when choosing your policy. With all of the options available, it’s easy to feel overwhelmed. As long as you have coverage that’s suitable for your needs, you’ll have the peace of mind that comes with knowing your new condo is protected. There’s no benefit to going without condo insurance, so now’s an ideal time to find out more and select a policy and coverage level that’s right for you. Review the bylaws for your condo building before selecting your condo insurance policy.

Give us a call or stop by today!

If you’re planning to buy a condo in the Silver Spring, MD area, you can count on Renee Oliver Insurance Agency Inc. We’re here to help in any way and look forward to working with you. Give us a call today!

What do I need to consider when choosing condo insurance?

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Condo owners need insurance just like any other homeowner, to provide protection for their valuables. At Renee Oliver Insurance Agency Inc. we know that it can be confusing what you may or may not need in that regard.  We’re happy to help you understand what you need to consider when choosing condo insurance and if you want to talk more and are in the Silver Spring, MD area, give us a call. 

Choosing Condo Insurance

Personal Items Valuation

If your possessions are ruined or damaged or in a robbery, your condo insurance may cover them.  You will need to take a good assessment of what property you have, which is done through a home inventory list. Make sure you don’t undervalue the items and list everything from furniture to electronics, the appliances in the kitchen, and everything of value. Jewelry, artwork, etc. especially need to be listed.

To make it a little easier, some great apps can help you do this.

Get Good Asset Coverage

Do you have a pet? Are there things that someone could hurt themselves on? If you are ever in a situation where someone has injured themselves on the property or through your pet, you are at risk for damages. Condo insurance may give you liability coverage. Make sure that you have your assets and your net worth added in so that you are well protected from this type of insurance claim against you.

Living Expenses

What would happen if your condo was damaged? Where would you live? Consider this when choosing your condo insurance, so you aren’t paying out of pocket for any living expenses during a time of repair. We suggest taking in how much your daily expenses are, adding in how much it would be to have shelter elsewhere (plus any additional expenses such as higher-priced meals, etc.), and using that as a baseline.

Give Us A Call

Renee Oliver Insurance Agency Inc. is here for all your insurance needs. If you’re close to the Silver Spring, MD community. we’d love to hear from you.

What Condo Insurance Offers

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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.

Why do you need condo insurance in Silver Spring?

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Those that are in the Silver Spring, MD area will find that the city offers a lot of local amenities, access to a major city, and a lot of great employment opportunities. Due to this, it is also a great place to own a home. When you would like to buy a property here, investing in a condo can be a good option. Along with your condo, you need to have condo insurance. This coverage is needed for a few reasons.

Insurance is an Association Requirement

A reason that you will need to have a condo insurance plan in this area is that it will be a requirement set forth by a condo association. Condo owners typically are part of a larger community and association. These associations are designed to protect all the owners in the community. One way this is done is by requiring all owners to maintain condo insurance, which will give coverage if a mechanical challenge or leak in your unit causes damage to another owner’s property. 

Insurance is a Lender Requirement

Many Maryland condo owners will also take out a loan when they buy their condo, which can come with insurance requirements. Your condo insurance plan is going to be required until the loan is paid off entirely. Some lenders will require you to provide evidence of coverage and establish a payment escrow account. 

As you are looking for a new condo in the Silver Spring, MD area, it would be helpful for you to speak with Renee Oliver Insurance Agency Inc. The team with Renee Oliver Insurance Agency Inc. understands the value of this type of coverage. They can ensure that you are aware of your insurance options and can help you build a plan that protects your condo fully.