Condos have become increasingly popular residences for homeowners inthis country. You may be asking yourselfwhether or not you need to get your own condo insurance if you already have toch…
Condos have become increasingly popular residences for homeowners inthis country. You may be asking yourselfwhether or not you need to get your own condo insurance if you already have tochip into the condo associations master policy. The answer is that you certainly should sincethe master policy will only cover the exterior structures and common areas ofthe condo complex.
You will be responsible for anything above the subfloor (carpets, laminate,etc.) and even, in some cases, the drywall. You will need to contact the condo association in order to find outexactly what the master policy covers so that you can go about finding your ownpolicy that will cover the rest.
Generally speaking, the majority of personal condo policies come withcontents insurance. This means that youwill have coverage to replace your belongings appliances, clothing,electronics, furniture, etc. You willhave to have an inventory of all your possessions (with receipts if possible)and youll have to buy extra coverage for jewelry, furs, art, and collectiblesif you own more than $1000 – $3000 worth of these things combined. This is the cap the insurers place onexpensive items such as these.
Youll also be covered for personal liability and it will start in therange of about $100,000. If you feelmore comfortable you can get coverage for up to $1,000,000 for personalproperty but most people sit at $300,000 to $500,000. This coverage will pay for court costs and settlementsincurred from a lawsuit where a third party was injured or their property wasdamaged in your personal area. Thecoverage you buy should be more than adequate to allow you to not have toliquidate any of your assets.
Finally, you should make sure your policy includes loss assessmentcoverage because it is possible the master policy will not cover the entirecost of damages to the building outside your personal spaces and contents.
You can learn even more about the ins and outs of condo insurance byspeaking directly with an insurance agency. Your local agents will often have online forms available that you canfill out in minutes and get instant quotes. You can even use an insurance comparison site that will let you getquotes from a number of major, respected, and reliable insurers. Youll gain peace of mind in minutes!
As with any other insurance product to protect various areas of yourlife, you will need to do your homework to get a good inexpensive policy toprotect you and your condo. Ensure thatyour policy will adequately cover every situation so you can enjoy condo livingto its fullest without needing to stay awake at night worrying about what couldgo wrong.