Condo Insurance in Indiana
If you’re a condo owner in indiana, you might be tempted to skip condo insurance to save some money. However, this decision can leave you vuneralble to paying for future damage expenses out of pocket, which could lead to financial crisis. To avoid such a scenario, Victorious Family Insurance in Plainfield, IN, offers several types of condo insurance policies that you should consider.
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Here are some common terms you may observe in your policies:
Liability insurance protects you when you are faced with emergencies related to bodily injury and property damage. Under the former, your condo insurance will pay for costs arising from guest injuries that happen at your condo, such as medical bills. On the other hand, property damage will take care of the destruction of tangible possessions belonging to your guests. If you also get sued for either of the above scenarios, liability insurance ensures your legal costs are catered to.
Building Property Coverage
Building property coverage protects the interior of your condo, with attention to your home’s fixed structures. These include items such as sinks, cabinetry, interior walls, and floors. If your condo is damaged by perils such as fire, vandalism, and hail, building property coverage will compensate you for the costs of item repairs and replacements.
Contents coverage pays for destruction to your personal belongings, where items such as clothing, furniture, and electronics are covered. Hazards that are often covered by content coverage include hail, vandalism, and electrical faults. If your condo items are also stolen, content coverage will also help you replace them.
Loss of Use Coverage
Loss of use coverage comes in handy when you need additional living arrangements in instances when your condo becomes uninhabitable due to damages. When this happens, loss of use coverage will pay for your hotel bills and expenses such as meals and travel costs.
Loss Assessment Coverage
If condo owners in your residence are required to contribute to shared losses after covered damages occur, loss assessment coverage will compensate you for such costs. An example of this may be when your parking premises are destroyed after a fire outbreak.
To reap the benefits of either of the above condo insurance options within Indiana, get in touch with Victorious Family Insurance in Plainfield, IN today.