Make Sure You’re Protected Beyond Your New Association
What you’ll discover in this report:
- How Condo Insurance is different than Homeowners or Renters Insurance
- Four questions you’ll want to ask about Condo Insurance
It’s Different Than Homeowners And Renters Insurance
When you buy a condo, you usually automatically become part of a condo association. It’s that monthly fee you have to pay on top of your other bills. That’s the fee that looks after the common grounds — meaning you never have to mow the lawn, look after the gardens or shovel snow again!
Part of that fee also goes to insurance. Your condo association could have one of three policies insuring:
- The primary building and common areas only
- Your building and items in your unit except for your personal property
- Your building, the unit and any fixtures or improvements you make
Four Questions You’ll Want The Answers To
- What does my association insurance cover and not cover?
By understanding which of the three types of insurance policies your association has, you can then decide what else you need to make sure is covered. In every case you know that the common areas and exterior of your building are covered. But you need to know what else, if anything, is covered.
- What remains for me to insure?
Personal property will always be your responsibility. But you’ll want to check if you’re covered for any improvements that you make to your condo.
You’ll also want to make sure that you cover yourself for loss of use. What happens if you can’t stay in your condo because of a natural disaster?
- How much would it cost to replace my belongings?
If something were to happen to your unit and you had to replace everything you owned, do you know how much that would cost? Make sure you have an assessment of the replacement costs of your personal property.
- What protection do I need against liability claims?
You need to protect yourself from financial troubles that could arise from personal liability. This coverage protects you in case someone makes a claim against you for bodily injury or property damage. And not just property damage you cause, but any of your visitors as well. You want to make sure that you choose limits that cover your assets. You also need to make sure that you can cover medical expenses for any visitors who become injured while in your condo.
Condo Insurance can become confusing because of the existing insurance coverage of the condo association. With roots dating back to 1966, at Secure Insurance Solutions we’ve been offering sound advice to condo owners for years. We’ll make sure that you understand your needs based on your condo association.
Call us today at 1-800-665-3259 to discuss your Condo Insurance needs and we’ll make sure that you and your property are taken care of.