Owning your own condo is a great experience and it is your home so you will want to protect it properly. One way you can do that is by purchasing condo insurance and the staff at Benefit Insurance Services in Myrtle Beach, SC can help you to determine the proper coverage. What does condo insurance cover?
In South Carolina, when you purchase a unit in a condominium, it is the condominium association that must have insurance on the structures in the complex in which your condo is located but there are no rules governing how much insurance they need for each unit or what it should cover. To be on the safe side, it is better to have your own condo insurance policy to ensure that your precious home is fully protection in the event of a natural disaster, such as a hurricane or a tornado. You can also have coverage that will cover your condo as well as your belongings, including your furniture, appliances, clothing, and other personal items, in the event that a fire occurs in your condo. This will also cover your things and your unit if it is broken into and items are stolen.
Keep in mind that condo insurance only covers property damage and liability within the inside area of your condo.
Be sure to go over your condo insurance policy that is in place by the condo association with an experienced and trusted insurance agent before you purchase condo insurance. This will ensure you are not paying for coverage on your condo that is already in place.
When it comes to the policies your condo association may have in place, and ones that you can also choose from, there are three types of coverage options. You can opt for an all-inclusive policy that will protect your condo inside and out. This will include things you have installed, additions that have been added, and fixtures that are already in place inside your condo.
Special entity insurance will cover the structure of your condo and fixtures. This type of policy will not cover things you have had installed or fixtures though.
Bare walls in and wall studs in insurance will only cover the structure of your condo but nothing on the inside that is installed.
To figure out what type of condo insurance will be best for you and your situation, contact the trusted condo insurance agents at Benefit Insurance Services in Myrtle Beach, SC today!