Living in a condo gives you all the joys of owning a home without the added responsibility of caring for a yard and the exterior of the house. Because living in a condominium is different than living in a house, the condo insurance needs are different as well. For instance, the condo association is responsible for providing the insurance for common areas, as well as the building itself. It is your responsibility to purchase condominium insurance for your own belongings.
What Will It Cover?
As you consider your options in condo insurance, it is important to evaluate what it covers so you can be prepared. Your policy should cover:
- Replacing your personal property, including furniture, clothing and other belongings.
- Repairing damaged belongings.
- Replacement of your living space, particularly any improvements you made.
- Bodily injury to someone while on your property.
- Liability for any property damage.
Many people make the mistake of not buying condominium insurance because they may think the homeowner’s association is responsible for covering the damage. Unfortunately, this can be a costly mistake if a fire or other disaster affects your condo. Save yourself the physical and financial burden by purchasing the right insurance to give you the coverage you need.
Reduce Your Costs
Before you commit to condo insurance, it is important to look at all the ways you can reduce the cost of your premiums. One of the best ways is to install a security system in your condo. This system will monitor for break-ins and fires, giving you peace of mind that your home and your family are safe. It is also appealing to the insurance company, reducing the amount you have to pay for your coverage. Even smoke detectors, fire extinguishers and deadbolt locks can improve your premiums. Buying your condominium insurance from the same company as your car and life insurance can also save you money.
Check Your By-Laws
Every condominium association requires specific coverage, typically detailed in their by-laws. For instance, the by-laws may dictate that condo owners are responsible for everything inside the walls of their home. This can include any permanently-attached fixtures and other improvements you have made in the condo. Providing a copy of the by-laws to your insurance agent will ensure everything is covered as it should be. Condo insurance is different than your typical homeowner’s insurance policy. Condo associations are responsible for covering the costs of replacing the building or performing any necessary external repairs. However, individual residents within the condo building are responsible for their own insurance coverage for their belongings, as well as anything else inside the condo. This is sometimes known as “walls in.” If you need condo insurance, contact us at Steven Graves Insurance. We take pride in helping our clients find the right insurance at the most affordable rates.