When you purchase a condo or a town home, then the condo association it belongs to will typically have insurance that covers the exterior of the buildings in addition to the common grounds. Their insurance does not cover the interiors of each separate unit, which is why you should purchase interior insurance in New Jersey.
Interior insurance, which is often known as condo insurance, will help cover everything inside of your condo, including all of your possessions, your furniture, your cabinets, your drywall and more. With interior insurance, all of these things will be covered against what most traditional homeowners insurance policies cover, such as fire damage, smoke damage, lightning damage, theft and vandalism. You'll also be given coverage for additional living expenses if you need to move out while repairs are being done. Interior insurance also covers liability in case someone gets injured in your condo. Just keep in mind that just like homeowners insurance policies, you'll need to purchase extra coverage for certain things, such as flooding or earthquakes.
Interior insurance typically costs less than homeowners insurance since you are only buying coverage for the interior of your condo or town home. However, many mortgage lenders are beginning to require buyers to purchase interior insurance in order to obtain a loan for their new condos or town homes.
If you have a condo or are planning on buying a condo, get interior insurance. For more information about interior insurance in New Jersey, contact us at CCW Insurance today.