From floods, fires to accidentally broken windows, many condo owners would be surprised to know that their valuable investment is so vulnerable. But with a good insurance condo insurance policy, you can protect your personal liability, belongings, and condo from these risks. Here are a few things you need to know before making decisions on your first condo insurance.
What is condo insurance?
As the name implies, condo insurance offers coverage for any parts inside your condominium in case you damage them or somebody gets injured while staying in your unit. Depending on the specific policies, it might include coverage for your appliances, personal valuables and property, or interior walls. While it isn’t mandatory to insure your condo, it is certainly something to consider to keep your belongings and yourself protected.
What does it cover?
A condo insurance policy often covers what the master policy of the condo association doesn’t cover. Generally, there are two types of master policy:
- All-in policy: This type covers most fixtures in your condominiums like carpets, plumbing, wiring, and appliances, but not cover your personal properties.
2. Bare walls-in policy: This type doesn’t cover anything in your walls. It might or might not cover the electrical or plumbing systems.Most condo insurance policies cover any damages or losses of personal possessions, as well as coverage for medical payments and personal liability. You can also buy additional coverage for some items like jewelry or artwork.
How does it work?
The master policy of the condo association will cover damages to your condo building, external features, and grounds. The condo insurance will cover your personal appliances, possessions, and other installed fixtures.
In case a covered loss happens like a fire or burglary, you need to submit a claim with the insurance company to get compensation. But when these events involve the destruction of external parts, then the claim should include both your condo association and insurance company.
How much does it cost?
Just like any other insurance policies, the costs of condo insurance can vary a lot. It really depends on the amount and type of coverage, the value of your property, and your needs. For instance, if you have a large number of valuables like collectibles, antiques, fine art, or jewelry, then you might need to purchase additional coverage for these items.
To find the most affordable coverage which matches your needs, contact S.T. Good Insurance of Florida today. With a team of professional experts, we will guide you through the process to choose the right condo insurance and protect your investment in any case. (772) 287-3625