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Insurance for Condos

Many people dream of condo living. The lure of the empty nest with no home responsibilities is not only a siren call, but for many people is a life long plan. Condos and town homes offer so many amenities these days that living in one can feel almost like a vacation. Pools, gyms, meeting areas, common areas with televisions and a coffee bars are all offerings found at many today. The upside of owning a condo is really great, including homeowners insurance.

One North Shore

Home owners insurance can be costly. Traditional home owners are responsible for insuring not only the contents of their home, but also must have liability insurance for injuries that happen in their residence or on their land, plus home accessories such as pools, trampolines and playground equipment. And they must insure their dwelling, both inside and out. Roofs, fences, sheds, and other structures can send the cost of insurance skyrocketing.

Loveman’s on Market

Condo owners must also purchase insurance to cover their dwelling, contents and liability insurance. The difference, however, is great. Dwelling insurance for condos includes “the studs in”. Meaning that the exterior walls, hallways, stairs etc are covered by the HOA. Liability is limited to within the owners actual dwelling, not the property. So the guest that falls getting out of the pool is covered by the HOA not the person they are visiting. The personal property insurance is often less as well, since a condo is usually smaller than a traditional home, thus the contents are usually not as numerous.

Museum Bluffs

Condo living offers a trade off of lifestyle, of course. Privacy is reduced and storage is often limited. However, for many people including empty nesters, the upside is great. Lower maintenance means more free time and fewer overhead costs, including a reduction in cost of home insurance.

Museum Bluffs Condo

If you are considering making the move to condo living, we have much experience in purchasing and living this low maintenance lifestyle! We are Chattanooga’s condo and town house experts. Visit our website today to browse current condos on the market in Chattanooga.

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