One of the reasons that many people enjoy living in a condominium is because it provides the benefits of owning their own home along with the convenience of apartment living where all the grounds and amenities are maintained. While condominium associations do have insurance that covers the grounds and the exterior of the building coverage stops there. This is where so many people make a crucial mistake. They assume that the condo association’s master policy applies to their unit as well. Unfortunately, any damage to property or persons within the walls of your condo is not covered on the master policy which is why condo insurance is so important.
Basic Condo Insurance Coverages
Not only can condo insurance help to protect your personal property and the interior of your condo from certain types of losses but it can also provide liability coverage should someone be injured while visiting inside your unit. Although liability coverage on the condo association’s master policy generally provides this coverage outside your unit up to your doorstep, this is not always the case so it is imperative to double check the coverages. Usually, the condo association’s master policy covers only common areas that are maintained by the association in terms of liability as well as the outside structure of your building.
Guarding against Certain Losses
Most condo insurance policies guard against certain types of losses arising from such things as floods, fire or lightning, smoke, wind, theft, vandalism and something referred to as accidental discharge of water. Unlike a flood that is the result of natural causes, accidental discharge of water would be damage that results from something like a pipe bursting. The one thing to be careful of is flood coverage because many states that are in flood prone areas will require separate flood insurance as homeowners or condo insurance does not provide this coverage.
Discounted Condo Insurance
It seems like everywhere we turn we are asked to spend our hard earned money and there comes a point where we are spending beyond our means. On the other hand, without condo insurance we could lose everything we worked so hard to acquire. Fortunately, discounted condo insurance is easy to find and a good place to start would be with the company that provides your automobile insurance. Sometimes insurance companies provide ‘bundle’ discounts when you purchase two or more types of insurance with their company.
How to Find Affordable Condo Insurance
The one thing to keep in mind here is that you should not drop coverages to make your policy affordable. Altogether too often we find (the hard way!) that the coverage we go without is the one we should have had. Rather than scrimp on coverages it is better to compare prices between several companies. This is probably something you do when shopping for automobile insurance and the same practice can save you a lot of money when looking for condo insurance. It is possible to find the same coverage for significantly lower premiums.
While you are shopping for condo insurance the first place you should be looking is online if for no other reason than convenience. The speed at which you can have several quotes in front of you is much quicker than you could even look for a phone number in the yellow pages and make the first phone call! It only takes a few minutes to obtain quotes from several companies so that you can do a side by side comparison. In fact, some of those quotes might even be less expensive than the quote provided to you by your own insurance company on a bundle package deal.