How do you know you’re getting the best protection without paying too much for your condo insurance?
Without enough protection, you could expose yourself to great personal risk. Condo insurance is complicated. It’s different than homeowners and renters insurance.
What Makes Condo Insurance Different?
When you buy a condo, generally you will automatically become a member of the condo association. In exchange for a fee, the association provides landscaping, snow removal, and other services. The association will also use the money to care for the outside structure of the condos, and that includes insurance.
So although the association will provide insurance for the outside of your structure, the interior and all of your possessions will need a separate policy. The interior includes everything from the drywall, flooring and cabinets to your personal belongings. You would also be held liable for anyone injured while in your home or if you damage the exterior of the building or common areas.
Five Questions to Ask About Condo Insurance
As you talk with your Resource Insurance Group agent, you may want to discuss in specifics topics like:
• What does my association insurance cover and not cover?
• What remains for me to insure?
• How much would it cost to repair the inside of my condo?
• How much would it cost to replace my belonging?
• What protection do I need against liability claims?
As you determine the specifics of your situation, your agent will likely discuss the five main areas of a Condo Insurance policy.
1.) Condo Liability Coverage
It’s a cliché to say accidents happen, but its genius to have prepared for them ahead of time with the proper amount of liability protection.
Liability coverage will protect you in the case that you or one of your family members is found legally responsible for any injury or property damage on or away from your home. These include:
• Compensation for the injured party
• The cost of your defense
• Most court awards
2.) Property Protection
Your Condo Association’s insurance policy will not cover any of your personal property or the interior of your unit. This includes cabinets, appliances, and light fixtures.
You and your Resource Insurance Group agent will carefully discuss the limits of your coverage on your personal property because there are certain areas that are limited. These areas include:
• Money
• Business samples or other property used for business
• Computers
• Trading cards
• Watercraft
• Jewelry
• Firearms
If you are concerned about protecting any of these items, be sure to discuss it with your agent and we will do all that we can to make sure that you have the protection that you need.
3.) Guest Medical Protection
It doesn't matter whether or not you're held responsible for an accident that occurs in your home. This coverage will provide payments for reasonable medical expenses for the injured party up to the policy limit no matter who caused the accident.
4.) Additional Living Expenses
If a covered loss (fire, lightning, smoke, etc.) causes you to have to vacate your condo because it's uninhabitable, this will cover expenses associated with living elsewhere. For example, it will pay your hotel bill, food and other reasonable charges.
5.) Loss Assessment Coverage
You are paying a monthly assessment to live in your condominium community. If your association decides to assess a special levy because of certain losses to your condo complex, this coverage will pay your portion up to the coverage limit (usually $1000).
Resource Insurance Group has been providing quality insurance to the residents of Auburn since 2004 and we know how to provide our clients with the best coverage possible. We will work to become your trusted advisor as you seek out your Condo Insurance. We promise to listen to all your concerns and needs to determine what is best for you and your family.
Simply contact us today to discuss your Condo Insurance needs.