As you and your family grow and change, the insurance coverage that protects you also needs to change. If you are a condo owner considering a major change in your type of residence or to your current residence, it’s important to take the time to look over your insurance coverage and start asking real questions about how your coverage might need to change with you. Here are a few situations that often spark questions and lead condo owners to a major change in insurance coverage:
- Making the leap to home ownership. There are many responsibilities that come with moving into a house of your own, and you will need to carry insurance coverage that protects you when something goes wrong. While condo associations usually take some of the burden of coverage from residents, homeowners are generally solely responsible for all of the necessary coverage.
- Choosing to rent. While there are some similarities between renter’s insurance and condominium insurance, you can expect some changes to the coverage you carry. On the bright side, however, insurance coverage in a rental situation can be less complicated than the condo policies you’re used to.
- Starting major renovations. If you are planning renovations to your condo, or if the condominium association has made major changes, there may also be changes in your insurance coverage. Review your condo policies often, and make sure that improvements don’t turn into major losses in the event of damage.
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