It is obvious that a condo is different from a home. You do not have to worry about cutting grass or shoveling the front walk with condominiums because they lack both the front and back yards. One other area that the two differ is the insurance cover. Condo owners are responsible for insuring a certain portion of their property although the rules differ from one complex to the next. Getting the right condo insurance should be your priority.
Reasons why proper insurance cover is important for your condo
The thought of replacing possession, fixing busted appliances and paying other affected owners compensation is daunting when you think of it. You do not want to find yourself in such a situation if you own a condo. It is advisable therefore to have backup. Condos being properties that occupy a special real estate category, it is not surprising that their insurance cover is also unique. Apart from the policy insurance cover that is already in place and catered for by the association, unit owner coverage is a personal responsibility and every owner needs to buy their own. The right condo insurance works hand in hand with the HOA insurance cover to give your property maximum protection against any damages as well as cover any unforeseen expenses. Fortunately, you can always get flexible coverage and payment options.
Factors that affect condo insurance
Owning a condominium means that certain common areas of your building are covered by the association insurance leaving you to take care of a small portion. The interior of the condo as well as your own personal belongings are your own responsibility and are not covered in the collective insurance. This is why you must get the special insurance cover for your condo if you want to feel safer.
Condo insurance depends on several things. Even when insured and a fire accident occurs causing damage you will only be insured for appliances, alterations, fixtures and home improvements that are part of the unit that you reside. You will also be covered for the property for which you are responsible under the condo’s association agreement. Your shed and garage may also be compensated if damaged. Depending on your insurer, you may also get coverage for fire and smoke damage, windstorm and hailstone as well as theft and vandalism.
Stand condo insurance features
Personal property. This cover will help in replacing stolen or lost items in a covered accident such as fires. You can rest easy knowing that all your stuff is protected even when you are not around
The second element of this insurance cover is the personal liability cover. This protects your savings in case someone is injured within your condo unit.
Thirdly, there is the cover to damaged unit structures. Different from apartments, condo owners are responsible for everything inside the unit including the walls, carpets, ceilings and countertops among other things. It is your responsibility to insure all of these.
Finally, there is the additional expense cover. This section of your condominium insurance covers relocation and living expenses at a different place. This happens when the damage to your unit was so severe to inhabitable levels and requires repairs. In most cases, the repairs have to be expansive and costly.
Personal liability cover for condo insurance
Your policy also provides specific personal liability coverage. You should be covered for any accidental bodily injuries caused by yourself, family members, or pets that reside within the condo. Your insurance company should also come through if you are sued and the defendant demands to recover damages. You will also be covered if you cause damage to other people’s property. Medical bills for any family member or persons that have been injured within your property will also be covered by the insurance. The company will also take care of covered loses owed to other condominium owners as calculated by the condo association.
Optional property coverage
Every home is unique and different with special requirements. This explains why you may find homes needing extra cover on specific individual needs. In case of such needs, you may be required to purchase a separate cover. You may have to broaden coverage contents and include an all risk protection content that will take care of property protection in all situations regardless of the cause.
You can also get content replacement costs insurance, which will pay full costs for repair or replacement of every personal property in your condominium with no deduction for depreciation being made. A cover for value plus items is also needed to cover special items such as jewelry, silverware and musical instruments among other things that hold dear. No appraisal or listing of the inured items will be required making it even more convenient.
What determines your condo insurance premium
A number of things determines the premium you have to pay. First is the type and amount of coverage that you choose to go for. Your personal claims history, weather risks, your credit rating, and your deductibles will also have a major influence on your insurance premium. The value of your belongings will also affect the insurance premium you go for.
Getting a condominium insurance quote
When you have fully understood what a condominium insurance is and are convinced that you need one, you are likely to get it. Your research will get you to the right insurer. All you need to do is inquire about their price quotes and decide if it affordable. When requesting for this cover have information on your previous policy cover, approximate condominium age, estimate property value, primary materials on the outside wall and availability of any home safety devices.
We have already established how important getting insurance cover for your insurance is. Make a point of knowing what you stand to gain or loss with or without the cover.