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Living in a condo presents a unique challenge when it comes to insurance. Although the property management company will be the one to hold the property insurance on the property, usually, these policies do not provide any protection for the tenants and their belongings. At Chris Ken Services LLC, we are here to help condo tenants to find intelligent insurance solutions. Keep reading to learn more.
Many condo tenants are confused about why they should purchase insurance if the landlord or property management company already has insurance. It would help if you understood that the property insurance held on the condo only provides coverage for the physical structure. If a fire or a natural disaster damages the condo, the property owner holding that policy will pay for repairs or replacement. The tenant will not receive any money for the loss of their possessions.
A condo insurance policy effectively protects the things that are in the condo.
It is not required by law to carry condo insurance, but if the condo is damaged and your belongings are damaged or lost, you will be personally responsible for paying for their replacement. This could present a substantial financial burden.
The amount of coverage you need will be unique to you. This is why speaking with one of our insurance experts is a good idea. This professional will be able to advise you on how much coverage you need based on the value of your items.
A condo insurance policy can be personalized for your particular needs, but in general, you can get coverage for the following types of items:
If you want to learn more about condo insurance or other insurance services, please get in touch with us at Chris Ken Services LLC.
