It takes some consideration to figure out how much condo insurance you need in order to adequately protect your investment in a condo that you own. There is existing insurance on the property that is owned by your condo association; however, what precisely is covered by that insurance, and what other types of insurance coverage do you actually require?
Covering Condominium Associations through Insurance
It goes without saying that each and every association insurance plan is unique, and you should read the insurance policy that applies to your individual association so that you may gain a better understanding of the specifics of what is covered. The condominium building, which includes the roof, the walls, the floors, and the elevators, as well as all of the communal structures that are not part of the condominium, such as pool houses, community buildings, and so on, are covered by almost all of the condo association insurance policies.
In addition to this, the association insurance plan offers liability coverage, which defends you against legal action brought against you in the event that someone is injured on the premises of the condominium complex. A few of the plans offered by the organization will even cover items located within your unit, such as cabinetry and flooring.
Then, what is it that the insurance policy for the condo association does not cover?
- Items of a personal nature, including but not limited to electrical equipment, appliances, furniture, clothing, and cooking utensils
- Insurance that will protect you in the event that someone gets hurt in your apartment and sues you for damages
- Any type of property damage that takes place within your condominium
- The cost of any additions, improvements, or adjustments that you’ve made to your condominium
You will want a condo homeowner’s policy in order to ensure the aforementioned belongings.
Where to Get Discounted Insurance Policies from Reputable Companies
Going to an insurance comparison website is the simplest and most efficient strategy for acquiring reasonably priced condominium insurance coverage from a highly regarded company. On these websites, you will be required to fill out a basic questionnaire with information about your condominium, the total amount of insurance coverage you desire, the deductible amount, and all of the discounts for which you are eligible.
After you have sent in your questionnaire, you will promptly receive price estimates from a variety of well-regarded businesses that are vying for the opportunity to work with you. After that, all that is left for you to do is review your bids and select the business that provided you with the finest offer.
Bottom Line
Research the insurance policy of your condo association first and foremost so that you are aware of the specifics of what is covered. In the event that there is a portion of that policy that you are unable to comprehend, you should inquire of another member of your organization for assistance in doing so.
After you have determined what aspects of your lifestyle are covered by the policy of your homeowners’ association, the next step is to insure the aspects of your life that are not covered by the policy, such as your own kitchen appliances, consumer electronics, household furniture, clothes, jewelry, and so on. There is a possibility that you will also require coverage for interior damage, personal liability, and protection for any and all enhancements that you have made to your apartment.