If it’s your first time to live in a condo, you may think that the insurance coverage of the building will suffice as your protection against property losses. It would be best to think again, or better yet, have a read of the Master Policy of the condo building’s insurance coverage, which you can obtain from the Condominium Association.
Take note that many condominium dwellers take out insurance policies for their unit, because the Condominium Association’s policy does not provide protection for everything inside individual homes. Still, read the Master Policy thoroughly because condominium insurance can be quite complex, there being two types of coverage for condos.
Find Out What Type of Insurance Coverage is in the Master Policy
While one is called “Bare Walls-in” this coverage is only for the real property. By its title alone, it denotes that coverage does not include whatever installations or fixtures included inside your unit.
The other type is “All-In,” which is the kind of insurance that will include the additions, fixtures and installations that are present inside your unit.
You should also check if there’s a clause that includes cover for damages caused by flooding and wind, because most Condominium Association policies usually include them
Now if your Condominium Association has been collecting monthly fees from insurance, you might be surprised to find out that you are actually paying for a commercial insurance and not a homeowner’s insurance coverage, as you had presumed. Read a copy of the policy to find out what the deal actually covers. In most cases, the monthly fees you’ve been paying are only for an insurance policy covering the common or share areas of the building, such as the hallways, and the pool.
Once you have determined and found out your unit and all the things you have in it, are not as covered as you thought them to be, it’s time to visit https://www.condoinsurancecoverage.com/ where you can get assistance in getting the right kind of condo insurance coverage that you need for your unit.
What to Expect as Insurance Coverage for Your Condo Unit?
When looking at condominium insurance, don’t just look at the price quote, because insurers tend to include other values to their insurance offering. The best way is to compare by way of apples-to-apples, because you might be comparing a cheaper priced coverage against one that includes more than just the standards.
Keep in mind that there’s a huge number of insurance providers competing against each other, adding additional features might just convince you, they are the right fit. Some examples of extra features are coverage for spoiled refrigerated items due to power outage or equipment breakdown, identity theft or reimbursement for debris removal in case of calamitous events. We all know that living in a condo can sometimes be too tough and it’s just right that you’ll have some fallback in case events like these happen.