Learn more about the condo insurance policy with tips from Suite101.com. Find out what coverages come with the condo homeowners insurance policy online before you buy.
Before you buy condo insurance, learn more about what the homeowner’s policy covers. Condo homeowners insurance provides protection for the owner of the condominium and is separate from the condo association insurance policy. It’s designed especially for the needs of the condo homeowner. What you need to know about insuring your condo:
Condo Association Insurance Policy Coverages
Before getting into what condo homeowners insurance covers, it’s important to understand what is covered by the association’s insurance policy. The condo association should have a basic insurance policy that covers liability for people injured on the condo grounds, provides coverage for the building or buildings and covers the general condo property (coverage varies by policy). Condo association insurance does not cover the contents inside your home, does not provide coverage for property damage that occurs inside your home and does not provide you with liability if someone is injured inside your home.
The Basics of Condo Homeowners Insurance Policy Coverages
Condo insurance provides coverage for damages that occur inside your home. Your personal property inside your condo is covered with this policy. The condo insurance policy also provides you with liability coverage in case someone is injured inside your home. Condo insurance companies often exclude earthquake and flood from the homeowner’s policy. Business use for a home office or for professional consulting services and personal injury to the homeowner are most likely excluded from your condo insurance policy. Check with your condo insurance company to find out more about additional policy exclusions.
Additional Coverages Available for the Condo Homeowner’s Insurance Policy
You may also be able to purchase additional coverages for your condo homeowner’s insurance policy.
- You may be able to purchase replacement cost for your personal belongings. Replacement cost coverage is more costly but it doesn’t depreciate the items in your home.
- If you have collections, like jewelry, they probably aren’t fully covered by the condo homeowner’s insurance policy. You can purchase a personal property floater to cover these items. With the personal property floater, you’ll get increased limits of coverage for your valuables.
- You also have a range of deductible options and discounts that can help you save money on insurance. Most of the condo insurance policy discounts are the same as the standard homeowner’s policy, including discounts for alarms, smoke detectors, and multi-policy discounts. Condo homeowner’s insurance companies also offer some discounts specific to the condo owner, like having a doorman on duty in your building.
- You can also add flood and earthquake to most condo insurance policies to increase your coverage.
Check with an agent or look at online insurance comparison websites to find out about specific coverages and discounts available in your area.
Talk back with a writer- tell Lisa Nichols about your experiences buying condo homeowners insurance.
