Condo Insurance

Condo living offers a viable alternative to traditional homeownership for many residents of Mississippi. If you do purchase a condo, don’t forget to protect your investment with condo insurance. Most condos come with a master insurance policy that covers damage to the building and common areas. An individual condo insurance policy from Maxwell Insurance Group, Inc. in Mississippi will protect your personal unit and its contents. Here’s what you should know about condo insurance coverage.

Standard condo insurance offers the following coverage:

• Building property – Protects the interior of your condo and includes floors, interior walls, built-in shelves, cabinets, tiling, and other permanent fixtures. If the interior of your condo is damaged due to a fire or other covered disaster, this coverage will pay for repair costs.
• Property insurance – Covers your personal belongings to include clothes, electronics, furniture, artwork, appliances, and other valuables. By assessing the value of your goods, you can determine how much property coverage you need to replace your personal items.

Typically, property and building property coverage protects you against such perils as theft, vandalism, fire, smoke damage, storm damage, falling objects, and other disasters. It’s important to note, however, that flooding isn’t covered by condo coverage. You can, however, protect your unit from flooding by purchasing separate flood insurance.

• Liability insurance – Covers liability claims of visitors who get injured on your property. It also covers your legal fees if your visitor decides to sue you for damages.
• Loss of Use - Covers your living expenses if you have to move out of your condo due to damage from a disaster. Loss of use protection helps pay for hotel bills, meals out, transport, and other living expenses until you can safely return home.

By investing in condo insurance coverage, you do your part to protect your valuables and home from unforeseen disasters. To learn more about condo insurance policies and costs in Mississippi, contact Maxwell Insurance Group, Inc. today.