Insurance for Condos
When some kind of a disaster occurs, condo insurance is available to help with financial compensation. This kind of insurance is not too different in many ways from traditional homeowners insurance, except it is tailor-made for those who are condo tenants.
Some condo dwellers are under the false impression that their condo association’s policy covers them fully. Though some things are indeed covered by the condo association policy, if often excludes coverage of one’s personal space. If the interior is not covered, then the condo dweller is financially on the hook for his or her living area and all that is within the space.
Typically, a condo association has one of three kinds of policies: There is the “Corporate Policy” that insures the common shared areas and the main building. There is what is known as “Entire Building Coverage” which covers the entire building and its individual units. This particular policy includes coverage for fixtures and for any physical improvements the condo tenant makes to his or her space. And lastly there is “Building and Permanent Items” coverage that insures the building, any and all permanent items in a unit, however it excludes one’s personal belongings.
If you know the value of your belongings then you can determine the proper coverage you need. Start by taking inventory of all items in the unit. Anything of value such as computers, televisions, electronics, furniture, art, clothing, should be itemized. It is also extremely helpful to have images of the inventory so if anything were to be stolen or destroyed you could easily obtain quotes for replacement items. It is advisable to store your inventory list and pictures away from your condo home.
Call or visit an insurance agent for help in evaluating the value of your items. With your accurate inventory list, you and an insurance professional can determine the right level of condo insurance coverage.
Keep in mind that it is quite possible to reduce monthly premiums if the location is somehow made more secure and safe. A security system installed in the unit, for example, will cut the cost of premiums while also helping you sleep well at night.