Why you need to invest in an insurance policy while purchasing a condo?
Tuesday Jan 25th, 2022
Wondering why buy an insurance policy when you are buying a condo? Well this is an excellent question because there are several real estate agents who convince their potential condo purchasers by saying that they need not invest in an insurance when buying a condo. Dude this isn’t a very true having an insurance policy has its own set of advantages. An insurance policy can protect you against having to bear the full cost of the accidental problems that can arise with your newly invested condo property.
Although you are not only in the structure of the condo building entirely and hence you are not solely liable for being for the damage to that structure, interiors of condo units of 10 are yours to pay for if any damage occurs. Have you ever thought about it? She’ll have an insurance policy and if the type of damage and items are covered under that policy then you get some help paying for the damage. if you were relying on the advice you received from your real estate agent then you would have to all the expenses for the damage yourself. for instance, if your upstairs neighbors water heater explodes leaving youra true closet flooded, then who would be for the damage? would you create from your own pocket for cleaning the mess info replacing all your ruined clothes? Having an home owners insurance can we are saving grace in such a case.
We also need to consider liabilities here. For instance, you have accidentally harmed someone’s else’s property and have been held responsible for the damage, then you could end up being bankrupt if you were not backed by an insurance policy. Tragedies can happen anytime and it is best to be prepared all the time. Whether you have accidentally knocked something off your balcony or have damaged someone else’s property, having an insurance will always help you when in need.
Well the condo association has their own liability policy, The policy doesn’t cover you personally. It covers the association and hence you need to invest in a policy that has your back in case of an emergency. So the next time you hear someone claiming that you don’t need an insurance policy while buying a condo unit, you now know that you need to ignore them and do what’s the best thing for you.