A condo is a great way to break into the housing market. It is also a great way to own your own home without all the work freestanding homes require. Whether you’re just starting out or winding down, a condo can be a great way to have a place to call home. Protecting that home requires good condo insurance. At Five Star Insurance Agency in Fords, NJ, we have more than 35 years of insurance experience. We are local agents with more than 10 years of individual experience who place the needs of our customers first.
Is condo insurance required?
The state of New Jersey does not require condo insurance. That does not mean you can or should be without it. If you have a mortgage on your condo, your lender will require that you carry condo insurance. Your condo association may also require you to carry condo insurance. Read your covenant and follow whatever requirements they have.
Doesn’t my condo association have insurance?
Yes, your condo association does have insurance, but it is not comprehensive when it comes to the interior of your unit. The condo association policy covers common areas and the exterior of the building. How far it actually goes into your unit depends on the policy but most likely you are responsible for the interior walls into your unit.
What coverage does condo insurance offer?
- Contents-You have options for your personal items, you can choose replacement cost or actual value.
- Loss of use-If your condo is damaged, this coverage will pay for a place for you to stay until your home is ready to be occupied again.
- Liability-Getting sued is a real concern and this coverage will help with legal costs as well as a judgment against you.
When you are ready to discuss your condo insurance needs, give Five Star Insurance Agency in Fords, NJ a call or stop by our office.