Condo Insurance

Condominium living is the perfect solution for many individuals and families, and often the first step toward home ownership. One very important factor in condo living is maintaining insurance, as it ensures your financial well being by protecting your assets from liability, lawsuits, and disasters in Arizona. Prime Choice Insurance & Financial Consultants LLC can answer the question:

What is Condominium Insurance?

Condo insurance is a set of policies specifically designed to protect you from the most common risks associated with living in a condominium. A typical insurance policy may include the following:

• Bodily injury and property damage liability coverage: If someone is injured on your property while visiting you or an accident occurs in your condo, you may be held liable for medical bills, property damage, or even pain and suffering.
• Personal property: Personal property coverage protects your valuables and belongings from rain, wind, fire, and theft.
• Vacant condo coverage: If you don't reside in your condominium full time, this insurance covers your condo while it's vacant.
• Loss of use or relocation assistance: If your condo sustains damage rendering it uninhabitable, this coverage helps you with temporary housing expenses until your condo is repaired.

Owning vs. Renting a Condo

No matter whether you own or rent, you need condo insurance. If you own your condo, your lender will require insurance until the loan is satisfied. While insurance isn't required by law for renters, because landlord insurance doesn't typically cover personal belongings, it's smart to have renters insurance to protect your assets. Additionally, landlord insurance doesn't provide you with protection from lawsuits or liability.

How Do I Get Condo Insurance in Arizona?

Protecting your assets and finances with a condo insurance policy is essential, and it's critical that you have a professional by your side to ensure you get coverage designed for your unique situation. Your Prime Choice Insurance & Financial Consultants LLC agent is always available to help you find the perfect policy. Give us a call today.