Important Considerations When Looking For Condo Insurance

Boise Home & Flood Insurance Agency Offers Condo & Townhome Insurance packages

When shopping for insurance for your condo, it's important to understand how coverage works. First, determine how much coverage you need, and make an inventory of your valuable belongings. Make sure you include pictures, manufacturer, model/serial number, purchase date, and price, so your insurer knows exactly what's covered.

Once you have listed your belongings, compare your policy limits to your inventory and estimate the value. You may be surprised by how much stuff you own, so you'll want to make sure your coverage will cover it all. Secondly, you'll want to create a written record of what you own, so that you can file a claim if something happens.

One of the most confusing aspects of condo insurance is how it covers common areas. In general, if your unit is not covered by the condo corporation's policy, you'll be responsible for repairs or replacement. However, if there are any shared elements or property in the unit, you'll need personal insurance.

• It is an important consideration but be aware that the policy will cover a maximum limit. This limit means that you can claim only a certain amount of money. You may also be required to pay a deductible. You might need to add additional coverage for flood water and sewage water damage if it occurs.
• This policy is similar to homeowners insurance. While home policy covers the exterior of the building, condo covers the inside of the unit. This type of coverage protects personal property, like computers, televisions, and furniture. It also follows you wherever you go. It is also a requirement for lenders.
• In general, condo insurance covers personal property and personal liability. It protects the individual owner from lawsuits and medical bills that may occur because of a covered peril. You can also choose to add additional coverage so it can grow as your needs change. However, it is important to know that there are limits and exclusions.
• Many condo owners opt to buy a cash value reimbursement rather than full replacement cost coverage. This option pays the original purchase price of an item, minus depreciation over the life expectancy. However, the money you receive may not be enough to replace the item. If you want to maximize your coverage, you can also add flood coverage.

Coverage Damage From

• Fire or Lightning
• Windstorm
• Smoke
• Vandalism or Malicious Mischief
• Theft
• Accidental Water Discharge

Why You Should Buy

Condo insurance covers the interior of your unit and your possessions. It also covers your personal liability in case of injury to someone in your building. Lastly, they also cover your living expenses. If you've been injured in a building accident, you can claim these benefits and get covered for your medical expenses.

If you own a condo, you'll need to find the right policy for your home. Some policies will cover the entire building and common areas. Other policies will cover only the items inside your unit. Your condo insurance can also cover loss assessments.