If you look up condo insurance in Arkansas, you will likely find various coverage options that cover different items. To understand what each condo policy entails and the benefits that come with each, read on for the full breakdown provided by Providence Insurance Agency.
Building Property Coverage
Condo owners are required to take care of their interior spaces from any harm, an area that building property coverage can help with. If your condo experiences damage from covered hazards such as fire, hail, vandalism, or theft, this policy will ensure that you get compensated for your expenses. Items such as interior walls will be covered along with cabinetry, floors, and sinks.
If you occasionally entertain friends in your condo, liability coverage will protect you from lawsuits and expenses arising from 3rd party bodily injury harm and property damage. Examples of costs covered by this policy include medical bills, legal fees, and compensation from lawsuits.
Content coverage ensures that your personal belongings are protected when your condo experiences perils such as fire, theft, and vandalism. Among the items that will be replaced or repaired include furniture, electronics, and clothing. Where covered, this policy can also compensate you when your items are stolen while traveling.
Loss Assessment Coverage
If condo owners are required to contribute to shared losses in communal living spaces, loss assessment coverage helps you pay for such costs. Incidences that result in the use of this policy include fire damage in your lobby or swimming pool injuries.
Loss of Use Coverage
Loss of use coverage pays for additional living expenses arising from instances when your condo becomes uninhabitable in the event of fire damage or other covered hazards. Examples of such expenses include additional accommodation and food expenses.
To ensure that your condo receives protection year-round, make it a point to reach out to Providence Insurance Agency today. Our Arkansas agents are available to help you figure out which condo insurance fits your needs.