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Condo Insurance in New Jersey

Who Needs Condo Insurance?

Everyone who owns a condo in the Tri-State Area can benefit from condo insurance. Most people don’t want to invest in condo insurance since they think their association’s policy already covers them. However, most in the Tri-State area don’t learn the truth until after a disaster when they realize the condo association’s policy won’t cover everything.

Take a look around your condo and start adding up the cost of everything inside of it. Your wardrobe, television, dining room set, and more are going to experience damage in a burglary or fire, and you may not be able to replace all these items with just your savings. While the condo association has a policy that insures the common areas and the physical building itself, you need your own condo insurance policy to cover your property, as well as the custom renovations you have in your unit. In addition to your belongings, you also get liability coverage to protect your financial interest if you are found legally responsible for any damages to someone else’s property or injuries in your unit.

What Does Condo Insurance Cover?

A basic policy will cover personal liability, your personal property, and medical payments to others for injuries of guests in your unit. Condo insurance can also cover loss of use if you aren’t able to live in your condo after a covered disaster. An agent at Rock Insurance Agency Inc. in Medford, NJ can help you create a customized policy for more protection. You may want to add more liability insurance or add more coverage for expensive belongings, such as jewelry or fur. Not all condo owners live in their units full time. If you are renting it out as an investment property or you only use it as a retirement or vacation property, then you will have some different insurance needs than those who live in their units full time.

Contact Rock Insurance Agency Inc. in Medford, NJ to get a quote on condo insurance.