If you live in a condominium, you probably have valuable possessions that you would like to protect. Your condominium association has an insurance policy, but it only covers damage or loss that occurs to the external areas of the condominium like the building, fixtures, and other areas of the property. The association’s policy does not cover any damage or loss that occurs inside your individual condo. Therefore, you need to protect yourself with a condo insurance policy.
A condominium policy will cover everything within the walls of your condo including personal possessions like clothing, electronics, appliances, and furniture. Valuable items like artwork and jewelry may not be covered by your condo policy or your policy may only provide minimal coverage for these items. You will have to check with your insurance agent to see what your policy will cover. Your policy will also cover damage inside your condo that is caused by natural disasters like hurricanes, earthquakes, and tornadoes. The association’s policy may cover damage from natural disasters to fixtures, plumbing, and wiring inside your condo, so you will need to check and see what your condo association will cover.
Determining how much coverage you need will depend on the value of your possessions. You will need to complete an inventory and place a value on all your possessions. The value of your possessions can be determined by how much it would cost you to replace these items. There are per-item limits on how much you can claim. For instance, a per-item limit for appliances may be $3,000, or it may be $1,500 for jewelry. It is important for you to know what these limits are and go for the maximum coverage.
There are many benefits to working with an insurance agent when you are looking for a condo insurance policy. They will help you find the best coverage at a price you can afford. They will also help you find the coverage that meets your specific needs. Always review your options and go with the policy that provides you with the coverage you need.