Maryland Condo Insurance
Maryland condo insurance is a must have for this type of home owner. Maryland offers a great location to many attractions and an easy commute to the D.C. area. Many young professionals choose to rent or purchase a condo because they are usually less expensive than single family homes and there is less maintenance. Once you have made the choice to live in this area make Maryland condo insurance your top priority.
Why Do I Need Condo Insurance
Many people ask the question "Why do I need condo insurance?" Often owners believe that the condominium association is responsible for damage incurred by a fire, flood, or other natural disasters. The truth is that the association is only responsible for the building and the common areas. Maryland condo insurance is a lot like renter's insurance. The unit owner is responsible for the contents of their own unit. For example, if there is a flood or windstorm that damages the common patios and garages shared by the unit owners, the MD condominium policy will cover the cost to replace these items.
On the other hand, if there is a fire or flood in your personal unit, you will be responsible to replace the contents of your home. With excellent Maryland condo insurance you can purchase new items quickly and easily. No one thinks disasters will happen to them, but sometimes accidents happen. Just make sure you are prepared with a policy that not only offers great coverage, but also great rates.
Another reason to make sure you have Maryland condo insurance is to protect yourself against personal liability. In Maryland people like to entertain and have parties. If someone is hurt while visiting in your unit, your policy will cover the medical expenses you are responsible for. This is much like a house insurance policy that helps to make sure you are protected in all circumstances. This type of coverage may also help if you rent your condo to a tenant. Maryland condo insurance is a must have for all unit owners. Find multiple quotes today to make sure you get the best deal possible in Maryland.
What Does My Condo Insurance Cover
Maryland condo insurance covers everything the condominium association policy does not. There are basically two different types of coverage and it will be up to you to decide what you want. The first is replacement cost coverage. This is the policy that most people will choose. People living in MD have good taste and like their high end appliances and expensive electronics. Replacement coverage will pay you what it will cost to actually go out and purchase new items to replace the ones you lost. Sometimes your condo association policy is responsible for appliances and flooring, but they will only replace the materials with building grade items. If you have updated your own unit and want to continue with that lifestyle - you will need Maryland condo insurance.
The other type of policy is actual cash value. This type of coverage will pay you what the items are worth - taking into account the age and wear and tear on your belongings. Residents of Maryland sometimes choose this coverage because it is less expensive than a replacement value policy. If you have extra money to make up the difference between what the insurance company pays you and what it actually costs to replace the items, you can find great quotes today.
A final type of coverage that is also important is a loss assessment policy. This type of insurance will protect you in the event there is a major loss to the condominium building and a portion of the loss is assessed to each of the owners. For example, if a major snow or hailstorm damages the roof or the outdoor sport courts used by the tenants of the building, each owner may have to pay a portion of the cost to fix these areas. In Maryland, if you have a fire in your unit and it causes damage to other common areas of the building, you will probably be responsible for the association's deductible which may be as much as $5000. Loss assessment policies will protect you and help pay this out of pocket expense.
Overall, Maryland condo insurance is a great choice for responsible home owners. Condominium owners are looking for a great lifestyle and the freedom to spend their spare time enjoying all MD has to offer - not working on the house. Although there are different types of policies and coverage, once you have educated yourself on the pros and cons - it is easy to make a decision. You can find multiple quotes online and then spend the rest of the day enjoying the attractions of the great state of Maryland.
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- Condo Insurance Rates
- Condo Insurance Cost
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