Do You Really Need Condo Insurance?

When buying a condo, you may be wondering whether you need insurance for it. To insure your condo, you may not want to spend that much money every month (or year). That being said, if you ever find yourself needing insurance, you will wish that you had it. 

Here are some reasons why you need condo insurance:

If you have a loan, you may be required to have insurance. Most mortgage companies require you to have condo insurance to protect your investment. 

Your condo association may also require it. Depending on where your condo is, the association may also require insurance to protect its community. 

If you can’t afford to fix your home if something occurs, you want to have insurance at that moment. Your insurance will cover most damage that occurs to your condo. If you don’t have tens of thousands of dollars lying around, you will need insurance to pay for the damages. If your pipe leaks, you could be looking at damage to the walls, floor, and ceiling below. This could add up! 

It will even cover the possessions that you have inside your condo. It will cover (to a certain extent) the cost of replacing your possessions, including your clothing, furniture, and even the artwork on your wall. You may need an umbrella policy if you have some expensive pieces of jewelry or art. This extra policy shouldn’t cost you too much extra, but it will be worth it if your jewelry is stolen. 

If you want to ensure that your condo is protected, don’t hesitate to contact us at Tackett Insurance Inc. in Memphis, TN.