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Article 1 of 1 in Condo Insurance |
Shopping for condo insurance |
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Condo associations have a master insurance policy that covers the outside of the condominium building and all common areas such as the pool, club house and tennis courts. But the master policy does not cover the inside of your condo, so any damage to your ceiling, floor, walls, furniture, or other belongings is your responsibility. So is personal liability—if a visitor should fall and be injured because of your wet floor, your insurance is on the line. Carefully review your master policy to see what’s covered as there may be gray areas, such as the hallways and balconies, where you would expect coverage, but in fact, it may not exist.
Then, shop around by comparing premium costs. Most insurance companies can provide you with quotes on condo insurance. Go to the Free Advice Insurance Center to receive a quote online. Keep in mind that rates may vary considerably, so make sure you are comparing the same coverages and the same deductibles. For example, don’t compare premium costs for replacement coverage (the amount it would cost to replace your belongings with those of like kind and quality), with another company’s cost for actual cash value (the value of your property at the time of loss). Compare company costs using the same deductible amount. Inventory your belongings in the same manner as you would for any homeowners insurance and compare costs for the same amount of personal property coverage.
Finally, review your insurance coverage every year, considering inflation’s effect on the value of your belongings and any changes you have made to your condo.
For more help on the types of coverage available for homeowners’ insurance, go to the Free Advice Homeowners Insurance Center. For information about insurance law, check out the Free Advice Insurance Law FAQs. |
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