Condo Insurance in Tennessee

Condo insurance is often mistaken for homeowners’ insurance, with the main difference being the areas of property covered. While homeowners’ insurance protects both the internal and external components of a home, condo insurance within Tennessee covers the interior structure of your space. Below, Riskbusters Insurance explains the essential condo policies available to Memphis, TN condo owners.

Content Coverage

Content coverage takes care of your personal property when they are stolen or destroyed by fire, lighting mishaps, or hail. Items covered by this policy include your furniture, clothing, and electronics. Content coverage will, however, exclude expensive items, with fine art and jewelry requiring additional coverage.

Liability Coverage

Liability coverage protects you from property damage and bodily injury claims. If your guest’s property suffers damage during a visit to your condo, this policy will help you cover the repair costs. If you also need medical coverage to cover guest injuries due to falls or pet bites, liability coverage will help pay for the ensuing costs.

Building Property Coverage

Building property coverage is essential in keeping the interior of your unit safe. It protects areas such as the sinks, walls, floors, and ceilings. Permanent fixtures such as bookcases are protected, keeping the inside of your condo safe. If covered perils such as fire, hail, or vandalism occur, this policy will help repair or replace damaged structures.

Loss of Use Coverage

Loss of use coverage is also referred to as additional living expenses coverage and will kick in when your condo is deemed uninhabitable due to covered damages. These include when your condo is destroyed by fire, hail, or lighting hazards. This policy helps you pay for expenses such as rental costs, food expenses, and transport fees. It covers you until your condo is fixed, eliminating out-of-pocket costs.

To ensure your Memphis, TN condo stays protected, make it a point to reach out to Riskbusters Insurance today. Our condo policies take into account your Tennessee lifestyle needs in mind, providing customized coverage.