Condo Insurance
Condo Insurance - Is it right for you? If you own a condominium, you might think you don't need condo insurance protection. You would be wrong. Most people think that the condo association insurance which covers the building and commonly owned property will also cover them as individuals. The condo association insurance is lacking though. It probably does not protect any changes that you have made to your condominium. Or any upgrades. It probably does not protect your furnishings, and other belongings.That means you won't be protected in the following cases:
- A kitchen fire causes smoke damage to the walls of your unit.
- Someone breaks into your condominium and takes your new tv and computer.
- Your having a party and someone falls and hurts himself inside your home
These are just three examples of some scenario's that wouldn't be covered by the condo association insurance. There are many more. This is why you need to purchase your own policy which should cover these situations. Your policy will be very similar to homeowners insurance.
1st Things 1st! Before you purchase a condo insurance, you should find out exactly what is covered by the condo association insurance policy. Generally, these policies cover only the structure of the building. Each condo association policy is different so you need to read your condo's bylaws. If you don't research what the condo association insurance covers, then you won't know what condo insurance you need. Again, this is very similar to homeowners insurance except you won't be insuring what the condo association policy is already covering.
What kind of condo insurance do you need? What you should insure depends on your unique situation. You definitely want to protect yourself against fire, theft, damage, and personal liability incidents just like a homeowners insurance policy. You might also need Flood insurance or other special coverages. We can help you to figure out what you need. This is what value that you get coming to a experienced independent agent The following are a few of the important questions to ask yourself.
- How much are my personal possessions worth if I had to buy them again tomorrow?
- What would I spend to replace my condo from the inside out?
- What am I responsible for in case of a fire?
- Do I own any jewelry over $1,000?
- Do I need increased liability limits?
- Do I run a business from the home?
The most important thing you can do is to not assume that you are covered by your condo association insurance policy. This is a big mistake. It is best to check the condo association policy out. See where it is lacking in relation to your needs and then buy a condo insurance policy that meets your needs. Sue Redmond can help you do just that. She has the experience to help you make sure that you are properly covered in event of a loss. She is going to look at your situation similar to what a homeowners insurance needs might be.
She will also make sure that you receive any discounts that you could be eligible for just like a homeowners insurance policy would be like.. Discounts are good. Sue is an independent agent who has many insurance companies that she can place you with. This gives you the best chance to get the proper coverage at the right price.
