Is Condo Insurance Important?

Catherine Davis, a local Boulder Insurance business owner recently reminded me that many apartment dwellers and condo owners overlook the importance of insurance.
When I lived in a downtown Boulder condo, I remember a neighbor who lost thousands of dollars of tools because someone broke into the  storage room of his Boulder condo, and took everything of value.
I recall offering reassuring comments about how I thought it was certain that his insurance would cover this loss. Hanging his head, he stuffed his hands in his pockets, and told me he never bothered to get a condo insurance policy.
Call, text, or email me today. p  Whether you need a great referral to an insurance agent or even if you’re ready to talk about selling your home, buying a new home, or know someone that is moving.
Did you know that condo associations typically provide insurance for the building and the common property of condos.  But they don’t cover the interior walls, appliances and cabinetry or owners’ personal belongings.  They also don’t offer personal liability protection for occurrences at the home.

If a fire burned down a condo building, the Condo Association’s insurance would usually pay to rebuild the outside of the building but you could be left with an empty shell inside, and you’d still be on the hook for the mortgage payments.

Condo Insurance is something I’ve always believed in.  Even though it isn’t generally required by lenders to fund a loan to help you purchase the condo, I’ve always been a strong advocate for condo insurance and told my clients that it was important.
Now with laws changing, many lenders requiring Condo Insurance to provide funding for loans to purchase condos.
This reminder about condo insurance came to me from Catherine Davis of Allstate Insurance, owner of Davis Financial and Insurance Group.

Need more insurance info, Call, Text, or Email me so I can introduce you to Catherine. I’ve referred many, many clients and friends to her for insurance help, and I’m sure you’d benefit greatly from speaking with her to get the strait facts on how condo insurance works.

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As a real estate professional intent on giving back to the community, my relationship-based approach is exactly what you’ve been looking for in a helpful Realtor, and I will listen to you.

-Zachary Epps, GRI, ABR, REALTOR®, full-time RE/MAX professional,  and author of the Boulder Area Neighborhood Guide.

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