When you own a condo, things are significantly different than owning a home or renting an apartment. Though a variety of factors can play a role in what types of insurance you should have, the key here is to ensure you have proper coverage to protect your home and possessions from risks. In many situations, you'll need to have several types of insurance to ensure all aspects of risk that could apply to you are minimized. The good news is that with the help of our independent insurance agents, we can help you to save money. And, you can get quotes right here online.
What Types of Coverage Are Important?
It's a good idea to first learn what your master policy says. A master policy is one type of policy you likely have that is shared among all condo owners of the complex. The condo association generally will put this in place, along with any association rules. It is likely to provide insurance in terms of protecting the building exterior and hallways as well as other common areas. That is, it protects the parts of the condo complex that are shared among all owners.
You, as the condo owner, will likely need additional coverage. The coverage you have should provide you with protection from additional losses not covered under the master policy. This may include coverage for your possessions, for example. Additionally, you'll need liability insurance. If someone were to fall and be hurt on your property, inside your condo for example, you might be found liable for his or her losses. Liability insurance may help to protect against losses like this, which are sustained by someone else.
How Can You Get the Best Policy?
The good news is that a condo insurance plan can be all inclusive and provide for all of your needs. To find one that does this, we recommend that you use our online comparative analysis tool. This tool allows you to compare insurance plans from multiple carriers right online. It's a fast and easy way to see what type of coverage is included in the plan as well as the costs. You can get a quote right way using this tool.
Don't overlook the importance of comprehensive coverage. You should speak to an independent agent from our organization if you have any questions about your coverage needs.