Due to the specific division of the ownership of such properties, condos have different requirements from regular homes when it comes to insurance. When you’re comparing quotes for condo insurance coverage, you’ll need to take different aspects into account for your condo insurance policy than you would for a conventional home.
Condo Insurance Coverage Basics
In the United States, condos are usually partially insured with a condo association’s master policy. This master policy provides coverage for the common areas inside your building, such as the lobby, hallways, stairs, and any other common areas in your building. In addition, the master policy also insures all outside common areas and the exterior of the building. As the owner of your part of the property, it’s your responsibility to get condo insurance coverage for your unit.
Finding the Best Condo Insurance Coverage
Before you request condo insurance coverage quotes, review your condo association’s master policy carefully and take note of what is already insured. This way, when you request condo insurance coverage quotes, you don’t pay twice for the same thing.
AgentInsure, one of the nation’s leading insurance comparison companies, can help you find the best condo insurance coverage policies for your situation. After receiving your free condo insurance coverage quotes, you can review each one and see which provides the best coverage for your unit, as well as your possessions, so you’re completely covered in the event of damages or theft. AgentInsure can help in all aspects of assessing your condo insurance coverage needs, how much your monthly premium and deductible should be, and what types of damages are covered.
When you buy a condo, you automatically sign the condo association’s master policy that is responsible for all common areas, as well as the outside of the building. However, the inside of your condo is your responsibility, and you’ll need to shop around and compare home insurance to find the policy that is right for you.
Before you request any homeowners quotes, make sure you’re clear on what’s covered in the condo association’s master policy, so don’t pay for the same things on two different policies. You can compare home insurance by requesting free quotes from insurance comparison companies, like AgentInsure, one of the nation’s leaders in this market.
Because you can request free quotes online, you have all the time in the world to fill out your information and review it before sending in your request. Once you receive the quotes, you can compare home insurance quotes at your leisure. Rates can vary significantly, but it’s important to carefully compare home insurance quotes and choose one that best reflects your needs—not simply the lowest premium. If you opt for a low premium when you compare home insurance, remember that your deductible will also be higher, and you will have to come up with that cash in the event of a claim.
Once you’ve chosen a policy, remember to periodically compare home insurance quotes to see if there’s a better deal out there.
Condo owners have benefits that aren’t shared by the average homeowner, in particular freedom from having to care for landscaping and being able to benefit from security services provided by their condominium association. However many condo dwellers question whether or not they should pay extra for private condo insurance coverage. Many are under the false assumption that insurance coverage is provided by the condo association, but this isn’t always the case. To find out whether or not you’re a candidate for a supplemental condo insurance policy, read on.
Misconceptions About your Master Insurance Policy
If you live in a condo, you probably pay monthly dues that go towards what’s called a “master insurance policy.” But don’t mistake this for an insurance policy that’ll cover you in the event of damage to your personal property. Your condo’s master insurance policy only goes so far as to cover the following.
- Damage to common property that all residents in your association use. This means that if the pool clubhouse is damaged in a fire, the master insurance policy will pay for it. However you won’t be covered if you burn your kitchen down trying out a new recipe.
- Personal injuries that occur in common areas. If someone slips and hurts themselves in the parking lot, the association will pay for this. But if you or a guest slips and breaks a bone while trying to put out the fire in your kitchen, you’ll be responsible for covering the medical damages.
- Burglary and vandalism to common areas. As with everything else that’s covered by the condo’s master insurance policy, only common property items that are stolen or vandalized are covered. If someone breaks into your condo and takes you for everything you’re worth, this isn’t covered.
Supplemental condo insurance coverage isn’t required, but strongly recommended if you want to safeguard your personal property and ensure adequate protection against bodily injury.