Homeownership is something that can be generations in the making for a family. However, the latest generation is less likely to purchase single-family property than before. Condos are growing in popularity for those who like the amenities of apartment living but wish to have a property owner's financial benefits. They are also easier to insure than a house. Let the professionals of the Bailey Agency Inc. of Alabama help you understand how.
What Is Alabama Condo Insurance?
Condo insurance is not unlike traditional homeowners’ insurance. Most condo associations will have a subsidized requirement written into the bylaws. The most favored difference with condo insurance is that coverage is usually cheaper. This is due to the adjoining property owners also being insured for their responsibilities. It is also generally assumed that COA bylaws reduce much of the risky behavior that leads to many insurance claims.
Condo Insurance is usually separated into a few categories:
- Personal Property Coverage protects the personal belongings within the premises
- Liability Coverage protects you if you should be the individual who caused damages to another person or that person's property (which will often include legal fees)
- Dwelling Coverage applies to physical components, such as walls and Ceilings. This is usually written into COA bylaws.
Condo insurance is easy to personalize for your needs and preferences. For example, if your COA bylaws only require dwelling coverage, you can still choose to get any additional coverage for your own protection. If your COA has dwelling coverage, you could still be liable for the damage done to someone else’s personal property should the incident be deemed your fault.
Condo Insurance Requirements
Alabama does require COAs to insure the condo building as a whole. Depending on the bylaws of the COA agreement, you may have enough coverage for your needs. If you would like to discuss the chances of wanting more, contact an agent with Bailey Agency Inc. today.