How to Buy Condominium Insurance
Condominium insurance is essential to protecting your home, personal belongings and preventing a possible lawsuit against you. You may be aware that your condo association covers a portion of the building and your home repairs, but you will still need a policy of your own. When buying condo insurance, consider your coverage needs. Having adequate coverage can save you from coming out of your own pocket. The amount of coverage needed varies, depending on the value of your home and contents. An agent can accurately predict the amount you need.
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Instructions
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Review your copy of the condominium association contract. Guidelines specify what the association covers and what is your responsibility. A certain portion of the buildings, grounds and exposures are typically covered under the association's policy. For example, if the roof is ripped off your home, the condo association's insurance will likely cover the damage to the property, however, your content inside the home will not be covered.
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Determine your coverage needs. The policy will need to cover the entire cost of all the property contained within the condo, such as furniture and personal possessions. Make a detailed list for the insurance company with the value of the items. A good policy will also offer personal liability protection or loss of use coverage.
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Consider adding options to your policy. Replacement cost coverage does not depreciate the value of replacing items in your home. You would receive the amount necessary to replace the item as if it were new.
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Review insurance quotes online to compare different companies. You can search online to receive instant quotes from various companies in your area. Be sure you have specific property information about your condominium on hand when requesting a quote. Local agents will also give quotes over the phone. Be sure the quotes are for the same amount of coverage.
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Opt for a deductible you can afford. Although a higher deductible leads to lower monthly payments, it is important to select an amount you will be able to pay if you need to file an insurance claim.
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