Aug 11, 2014

Posted by in Insurance | Comments Off on How Condominium Insurance Works

How Condominium Insurance Works

If you have recently purchased a condo, you need to purchase condo insurance immediately. Condo insurance is a little different from homeowner’s insurance because you do not own the whole building. Your condo association master policy covers the building your condo is in. However, your condo association master policy does not cover all of your personal belongings. Protect your investment by purchasing condominium insurance.

Your condo association master policy provides you with some coverage. It covers the building that your condo is located in. It covers the walls, roof, and floor of your condo. However, it does not cover your appliances, carpeting, cabinets and wall coverings. To cover that part of your condo, you have to purchase additional insurance.

Condo insurance covers your carpet, cabinets, appliances and wall coverings, it also covers your personal items. Similar to renter’s insurance, when you purchase condo insurance, you are also ensuring all of your belongings. If someone breaks into your condo and steals your belongings, your insurance will cover the replacement costs. If your condo experiences physical damage such as fire, lighting, wind or rain damage, your insurance will help you replace all of your belongings.

You probably own more than you think you do. Even small 600 square foot apartments generally have around $20,000 worth of belongings inside of them. Make sure all of your belongings are covered by insurance. That way, you do not have to replace your belongings yourself due to an unexpected event.

Make sure you get the right type of personal belonging insurance. If you have limited replacement cost loss settlement, your insurance will pay for the cost of your damaged property up to your liability limits. If you have depreciated loss settlement coverage, your insurance will to repair and replace your damaged property minus the depreciation value. Talk with your insurance agent about what type of replacement cost is best for your situation.

Make sure you purchase condominium insurance. It will cover your personal belongings and the structures inside of your condo. Your condo association master policy will cover the building your condo is located in. If you need condo insurance, make sure you call up Coast Auto Insurance Services Inc. They can help you find the best rate possible. Connect with us on Google+!

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