175A Young Ave
Nettleton, MS 38858
If you own a condo in Mississippi or even Tennessee, Arkansas or Alabama, you might be wondering, "will condo insurance be a worthwhile investment?" Sprout Insurance can help decipher this with the following guide breaking down areas that condo insurance covers. Read on to identify what Mississippi condo owners can expect from their coverage.
Building property coverage keeps the interior of your condo safe when you experience fire, hail, or vandalism incidences. Excluded items include sinks, cabinets, floors, and interior walls. If either of these is destroyed, building property coverage will compensate you for the repair or replacement costs.
Liability insurance covers lawsuits arising from bodily injury liability and property damage liability. If your guests' property gets damaged in your condo, property damage liability will pay for the repair costs. If your guests are injured when visiting your condo, liability insurance will help pay for the medical bills.
Contents coverage takes care of your personal property in damages resulting from perils such as fire, hail, theft, or vandalism. Covered items will often include furniture, electronics, and clothing. Keep in mind that fine art and expensive jewelry will not be covered and may need an additional policy to keep them protected.
You may occasionally encounter damage to common units of your condo, requiring you to chip into the shared loss when the masters' policy gets exhausted. Loss assessment coverage will come in handy in helping you contribute to these expenses, limiting any extra costs.
Additional living expense coverage helps you pay the additional costs when your condo becomes uninhabitable. These will often be your restaurant meals, boarding expenses, and travel costs needed to sustain your standard of living.
Whether you need to keep your guests safe or protect your condo from various perils, Sprout Insurance can help prepare customized coverage for your needs. Call our Mississippi agents today to help you get started on your condo journey.