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If you reside in Colorado Springs and are in the process of buying a condo, it is important to consider purchasing Condominium insurance.  While most condo complexes and mortgagee companies do not require the owner to purchase their own insurance, it is important to research why carry condo insurance is essential when you own a town home or condominium.  Colorado Springs insurance covering condos is available and sold by agents who are licensed to sell personal lines insurance.  Do not get the personal lines policy confused with a condominium association policy, as these are two entirely different things.  

A condo association policy is also referred to as a master policy.  This is the type of insurance you agree to pay when you are given the terms and conditions of your association fees.  A master policy will pay for the main dwelling and common areas if a covered loss occurs.  While the rebuilding of the structure of the condo complex is covered, many coverages are excluded.  The exclusions on the master policy are what makes a need for Condo Insurance.

Colorado Springs insurance for condominiums includes coverage for your condo, personal belongings, liability, and more.  The dwelling coverage, also referred to as building property, will pay for damages that happen in the inside of the home.  The master policy you are provided by your master policy will only pay from the walls out.  Your personal lines condo insurance policy will pay for the areas that are excluded on the master policy which include:  drywall, paint, flooring, fixtures, and more.  

In addition to building property, a personal lines condo insurance policy will also pay to replace your belongings if they are lost or destroyed in a loss.  A master condo policy will not pay for your personal belongings as it does not provide personal property coverage to owners.  If you take an inventory of your belongings, including kitchen appliances and anything that is not permanently fixed to the property, you will notice that you could have at least 0,000 of items in your home.  Replacing this property without insurance may become very difficult.  

Personal liability is also extremely important when you purchase Colorado Springs insurance.  A master condo insurance policy will not provide you with any liability coverage.  Condo insurance comes standard with 0,000 of liability insurance coverage that will cover you anywhere in the world against claims of negligence causing damage or bodily harm.  You can also raise these limits for additional premium to as much as million.  

Wise homeowners take proactive steps to ensure they are covered properly by Colorado Springs insurance.  While you may not be required to carry condo insurance because the mortgage company is satisfied with the master policy, protect your entire condo and have the peace of mind you need to sleep at night.

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