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Understanding Condo Insurance in Cape Coral: Information for First-Time Condo Owners

If you are downsizing your home and moving into a condo, you may have a lot of questions about what you need in your new home. There is no doubt that relocating to a new area as well as the move from a private house into one with neighbors on the other side of the wall can be a lot to get used to. One of the changes that may seem minor but can become a big problem if not properly researched is insurance. Condo insurance and homeowner’s policies are somewhat different and if you have not had a condo previously, this may come as a surprise.

Condo insurance will typically cover only the interior of your space. Usually the exterior of the condo is maintained by the association itself and if something should happen the damages will be repaired with the use of the condo association fees all residents pay. You are also not likely to have sheds, garages or other structures to cover the way many people will when they are covering a house.

It is important to not confuse this with renters insurance. Those policies cover contents inside a dwelling only. With Condo Insurance in Cape Coral the contents as well as the interior building materials are covered. This includes lighting, wiring, drywall and flooring along with all of the other materials that are needed to finish a structure.

When purchasing your condo insurance in Cape Coral do not forget to add the extras like liability coverage and flood insurance. Protection against flood damage is rarely included with any basic insurance plan, so it is important to discuss with your agent. Liability insurance will only need to apply to people who are inside your condo. But it will cover any accidents that may occur to friends, family members or even contracted workers.

Most condo owners are pleased to see how much more affordable their coverage is compared to the policy they once had to carry to cover a whole house. But, just like with any other insurance, always check around to find the best deal. Remember to ask for any discounts they may offer and read policies carefully to ensure you are adequately covered.

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