10 Reasons to Buy Homeowners Insurance For Your Condo
Homeowners insurance is a necessary part of condo ownership because: 1) While children don't know the meaning of the words "Don't run down the stairs" their parents definitely know the meaning of "I'm going to sue".
2) There's no way to predict when your Cherries Jubilee will decide to flambé your entire kitchen.
3) Burglars don't usually have the courtesy to leave your $1800, 72" flatscreen behind when they pay you a visit.
4) Flooding doesn't stop to consider the damage it's doing to your drywall.
5) Whether you tell your neighbor your kitchen floor is wet or not, if they slip and break their hip it's still your fault.
6) Puppies have to learn to behave-they just don't always learn how to do it before they've chewed their way through the fringe on the lobby's $17,000 oriental carpet.
7) Sometimes the gear shift on your vehicle slips and sends it rolling into the side of a building; namely, your condominium.
8) When your chandelier comes crashing down it leaves a gaping hole in your ceiling and plenty of exposed wires behind.
9) Thieves don't always have the good sense to close the windows when it's raining.
10) Your condo association's homeowners insurance policy isn't going to do anything about any of it.
It's easy for condo owners to dismiss the importance of purchasing a private homeowners insurance policy for their condo, believing that their condo association's insurance policy should be sufficient.
While it's true that most, if not all, condo associations have a homeowners insurance policy on their property (the ones that plan on staying in business for a while, anyway), that insurance policy only goes as far as the common areas and the exterior walls.
Once you move beyond that into the private units the coverage stops, and condo owners are responsible either for 100% of their insurance coverage or 100% of the damages.
Considering the fact that the average homeowner has over $5,000 worth of "stuff" lying around their home in the form of furniture, jewelry, antiques and collectibles, electronics and designer clothing, and that the average condo costs over $350,000 (there are price tags of a cool million or more in major urban areas like NYC)...
well, that's a large amount of money lost in the event of a natural or unnatural disaster, on top of the possibility of having to pay for repairs and/or relocation.
Any way you want to look at it, nothing good can come of being uninsured.
The truly ironic part is that most homeowners insurance policies cost less than $1,000 a year.
You're likely to spend more than that in gas for your vehicle (particularly if you're a commuter), and you're only going to receive a fraction of the benefits.
As a homeowner it's your responsibility to make sure that your home, your family and your finances are protected if and when disaster strikes.
Purchasing a homeowners insurance policy for your condo is the simplest, most efficient and least expensive way to do it.
2) There's no way to predict when your Cherries Jubilee will decide to flambé your entire kitchen.
3) Burglars don't usually have the courtesy to leave your $1800, 72" flatscreen behind when they pay you a visit.
4) Flooding doesn't stop to consider the damage it's doing to your drywall.
5) Whether you tell your neighbor your kitchen floor is wet or not, if they slip and break their hip it's still your fault.
6) Puppies have to learn to behave-they just don't always learn how to do it before they've chewed their way through the fringe on the lobby's $17,000 oriental carpet.
7) Sometimes the gear shift on your vehicle slips and sends it rolling into the side of a building; namely, your condominium.
8) When your chandelier comes crashing down it leaves a gaping hole in your ceiling and plenty of exposed wires behind.
9) Thieves don't always have the good sense to close the windows when it's raining.
10) Your condo association's homeowners insurance policy isn't going to do anything about any of it.
It's easy for condo owners to dismiss the importance of purchasing a private homeowners insurance policy for their condo, believing that their condo association's insurance policy should be sufficient.
While it's true that most, if not all, condo associations have a homeowners insurance policy on their property (the ones that plan on staying in business for a while, anyway), that insurance policy only goes as far as the common areas and the exterior walls.
Once you move beyond that into the private units the coverage stops, and condo owners are responsible either for 100% of their insurance coverage or 100% of the damages.
Considering the fact that the average homeowner has over $5,000 worth of "stuff" lying around their home in the form of furniture, jewelry, antiques and collectibles, electronics and designer clothing, and that the average condo costs over $350,000 (there are price tags of a cool million or more in major urban areas like NYC)...
well, that's a large amount of money lost in the event of a natural or unnatural disaster, on top of the possibility of having to pay for repairs and/or relocation.
Any way you want to look at it, nothing good can come of being uninsured.
The truly ironic part is that most homeowners insurance policies cost less than $1,000 a year.
You're likely to spend more than that in gas for your vehicle (particularly if you're a commuter), and you're only going to receive a fraction of the benefits.
As a homeowner it's your responsibility to make sure that your home, your family and your finances are protected if and when disaster strikes.
Purchasing a homeowners insurance policy for your condo is the simplest, most efficient and least expensive way to do it.
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