Want to know if you can get a better price on your home insurance policy?
Need some advice about fully protecting your home and vehicle?
We are your one-stop shop for all things insurance in Scottsdale and the surrounding area.
Get your customized quote today!
Before you buy, discuss your condo insurance options with a qualified professional and ensure that the interior walls, appliances, valuables and personal property are properly covered.
These FAQs will help you learn more about condo insurance so you can make an educated decision.
The reason you need condo insurance is because every condo association’s policy has loopholes – or components that it doesn’t cover. There are two types of condo association master policies:
Because master policies differ, be sure you fully understand what it covers, and the type of condo insurance you need to supplement your home.
If your condo sustains a covered loss, like a fire or burglary, you need to do just one thing: File a claim with your insurance company. Keep in mind that if your home is burglarized, for example, and an external component of the home is also damaged, you may need to file a claim with the condo association and your personal condo insurance policy.
If you were to forego condo insurance, you would only be covered by your association’s master policy. If there was a fire and you lost all of the home’s contents, you’d be out of luck. In addition, your condo insurance will protect you from liability claims and lawsuits, should someone become injured inside your home. It also covers you if you damage something on a neighbor’s or friend’s property.
Condo insurance will vary in cost. It depends on your personal property value, the amount of coverage and the type of policy you hold.
Be sure to work closely with your insurance professional to purchase a condo insurance policy that meets your needs. For instance, you can buy a policy that will cover items stolen from your car. However, some items like jewelry, collectibles and art, won’t be covered. You’ll need to purchase an additional rider or endorsement for them.
Work with your advisor to compare condo insurance policies with differing coverages to ensure that everything in your home is protected.
This FAQ will help guide you through the process of buying condo insurance. The good news is, once you do the work to make the purchase, you can rest easy, knowing your home is fully covered.
What nagging questions about condo insurance do you have?