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.
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.