Own a condo? Your Condominium Insurance will protect everything inside, which is not covered by the condo association. Condo insurance is also known as walls in coverage. This insurance protects everything inside the condo from the walls in like, drywall, flooring, cabinets, personal property and more.
Most condo complexes have an association. This association has a property insurance policy to cover the liability and buildings within the complex. If condo units are damaged from fire, the condo association’s policy will cover the rebuild of the structure but will not include any coverage for inside the condo. For this reason, you need condo insurance. Nobody want open walls and plywood flooring, right.
So how do you determine the right amount of coverage for your condo insurance policy? The coverage needed to rebuild the inside of your condo is dwelling property coverage. Depending on the upgrades or features the cost to rebuild the inside of your condo can range from $70 to $100 per square foot. Your personal property is a different cover and make sure you cover all personal property including cloths and shoes. You will need to show proof via pictures or receipts.
Another very import coverage to make sure your condo insurance policy has is loss assessment coverage. When the association policy covers a claim the association has a deductible. Since the association is made up of all the condo owners, this deductible is divided up and each owner will pay their part in that deductible. Loss assessment coverage in your condo insurance policy will provide coverage up to its limit.
Condo insurance works the same as home insurance but setting up the coverage is different. We manage your insurance with our carrier connections to make sure your coverage and price have value. Let us put our 20 plus carriers to work for you.
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