Get Your Condo Properly Insured With These 3 Ideas

Condominium property insurance is a bit different than either homeowners or renters insurance in the fact that you will need to be covered by two separate policies. It will be your responsibility to obtain one of these, while the other falls under the authority of the condo board.

Condo Insurance

Source: Wikimedia

Your policy is similar to a renters’ policy as it will cover your personal possessions including clothing, furniture and kitchenware. This type of policy covers loss in the event of fire, theft, vandalism and some natural disasters. It is important to find out in advance if your condo is in a flood plain, hurricane or earthquake zone as an additional rider may be required.

This policy will also include liability coverage in case someone is hurt while visiting your home. But you will need to speak with your agent concerning additional coverage on jewelry, furs and expensive electronics.

Then the community itself should have a master policy. It is important that you check with the condo board on a regular basis to ensure this policy is in force. This type of policy covers all shared areas including the roof, elevators, walkways, clubhouse and pool for both liability and physical damage.

Other ideas for insuring condos may include obtaining an umbrella liability policy. This provides additional protection to the general master coverage provided under a standard condo policy. An umbrella policy is generally very affordable.

An assessment is levied on each unit owner in the case of a loss or major repair. When discussing ideas for insuring condos with your agent remember to ask their opinion on unit assessment insurance options.

It is important to deal with an insurance company such as the Schumacher Insurance Agency which specializes in condo polices. For assistance please contact us today to ensure you are properly covered.


About Schumacher Insurance Agency

Why trust us? What do we do different than every other insurance agency? Consider this an invitation to get to know us. We believe we are an exceptional team of protection specialists that work hard to do things the right way, to educate our clients on insurance, and make the experience effortless. We are excited to introduce a new insurance experience for our customers. We encourage you to speak with our team who can show you how different we are… from text messaging services for late payments to educational insurance concepts on Facebook. We will prove our innovative approaches to obtain the proper coverage’s for you, your family, your business. Insurance is likely not the most interesting affair for everyone, but it is most certainly ours! Yes, we are insurance geeks!

Posted on March 8, 2015, in Agency, Uncategorized and tagged , , , , . Bookmark the permalink. Leave a comment.

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