Where can I get condo insurance?
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Asked April 8, 2013
You can get condo insurance from the same place that you would buy homeowners insurance. You can even start on this site by getting a couple of quotes and comparing them to some leading competitors. Just as with any other type of insurance, check the financial rating of companies you prefer on the list of quotes to find the ones with the best rating. The A.M. Best Company is a financial ratings company which allows you to easily see the financial strength of an insurance company.
First and foremost, you need to know exactly what you are insuring. Your responsibility may not end at the surface of your walls. Some policies give you complete responsibility for everything from the wall inward, including electrical and plumbing fixtures, built-in appliance connections, and more.
Any dues you pay to the Condo Association for insuring is used to insure common areas that are shared by all residents. When a claim must be filed, the deductible is drawn from a pool that accrues from the insurance portion of your dues. This minimizes the impact of a deductible across all parties affected, and makes it feasible to start repairing the damages as quickly as possible.
You also need to determine how much coverage you are going to need. This amount varies from one person to the next, because it includes everything you own, both personally and structurally.
Make a home inventory, ideally a personal video walking throughout the home and complex and getting identifiable images of your structural and personal property. Structural items includes things like carpeting or flooring, counter tops, fixtures, etc.
Personal property includes everything you own. Your clothing, jewelry, exercise equipment, home theater, furniture, shelving, appliances, and everything else. Try to provide close up images of important items to make them easily identifiable. If there is a serial number on the item, capturing it in your home inventory video would proof ownership beyond a doubt.
Combine the estimated values of the structural and personal property, and then add in the cost of liability coverage. Liability insurance will pay claims from someone other than you and your immediate family who gets injured on your property. It also pays for the cost of legal actions, often acting in your place during the court process, or negotiating claims out of court with the victims or their insurance companies.
Finally, the value of the condo is added, and you have an approximate figure for the amount of insurance you need on the condo. Be warned, though that personal property is typically insured only up to a certain amount, and any value above that needs to be written into the policy or insured separately.
Determining the amount of insurance you need is the final step in securing your condo. You have identified your insurance needs, itemized the values and increased or decreased coverages as necessary, and verified financial stability for your preferred insurers. The final step is purchase a policy, and you can begin that process online, as you are looking at your free quotes.
Answered April 8, 2013 by Anonymous