A condo is one of the best alternative methods of owning a single family home or renting an apartment. As well as this, they’ve got their own individual insurance requirements. It’s a rather daunting task to be faced with replacing all your possessions, paying for repairs to broken appliances and forking out the cash for someone else’s injury bill. That’s why it is so vital to have a backup plan. It’ll insure that you’re protected financially from theft, damage, loss and any unforeseen circumstances that happen to strike up.
Why’s it important to have condominium insurance?
You’re in ownership of a condo and there’s insurance for the association. But what’s the big issue about this? It’s that your association insurance will cover the liability insurance, commonly owned property and the condominium building itself.
It’s a sad fact that there’s a huge number of cases where the insurance policy isn’t covering your things or you – such as with water damage to a room’s walls, a break in or with somebody that’s slipped and hurt themselves on your wet floor. That’s where the requirement for condominium insurance comes in,it’s tailored for anyone that’s in ownership of a condo or co-op.
One of these policies will assist in covering the interior of your unit and your personal property. Not only this, but you’ll also be granted liability protection for property damage or bodily injury to others. It’s a simple process to get a quote that’ll provide this type of coverage, and using a personal property calculator will help greatly when you’re doing just that.
What’s covered by a condominium insurance policy?
Both state law and the articles of the condominium association have set the rules for what’s protected by the master insurance policy for the association.
For the vast majority of cases the coverage will halt beyond the exterior walls, so you’ll have responsibility for the inside walls and perhaps for the fixtures too. Also, you’ll be responsible for your personal property and your liability. It’s at this point that your condo policy would step in. Most policies will cover a loss that’s come about from:
- Accidental Water Discharge
- Malicious Mischief or Vandalism
- Lightning or Fire
How much condo coverage will I require?
As a typical rule of thumb, it’s a good idea to acquire as much as you’re able to afford comfortably. Keep in mind how much the master policy covers and the amount it’d cost to rebuild the entire inside of your condo.
Due to the fact that your condo association protects the outside(and other things), you will not have to be concerned with the number of risks that a traditional homeowner has to.
A standard insurance premium for this type of insurance is based upon a few different factors, including:
- Your belonging’s value
- Your credit rating
- Your deductible
- Weather risks
- Your history of personal claims
- The amount and type of coverage you select
As a condo owner, you’ve got a number of basic options to minimize costs and get discounts. These include:
- Raising your deductible
- Improving your credit
- Installing smoke detectors and security systems
- Buying a number of policies from one insurer
The information given throughout this page is intended as general policy descriptions and as general information to assist you in getting to grips with the different forms of coverage. It’s always recommended that you get hold of your insurance representative to look over your policy contract, and give you the best understanding of your coverage.