Condo Insurance Online ->Insuring the Contents of Your Condo
Condo owners have several options when it comes to insuring the contents of their property. They typically do not have to worry about insuring the building itself. The condo association's insurance covers things like external walls, roofs, elevators, and common areas. But what about appliances, lighting fixture, clothes, jewelry, and other personal property?
Some of these things might be covered by the association's insurance, but some are not. The first step in deciding what insurance to buy is to find out where the association's responsibilities stop and where your responsibilities begin. The bylaws of your condo association will spell out who is responsible for what. In some buildings, the association is responsible for the internal walls, lighting fixtures, and appliances in each unit. In other buildings, these things are all the responsibility of the individual owners.
Once you have a clear idea of responsibilities, find out exactly what the association's insurance covers. Even if the association's policy covers things like appliances, there may be a high deductible or a low limit on how much the policy will pay. In these cases, you might decide to purchase your own insurance. The good news is that many insurers are willing to tailor a policy to meet your unique situation.
You may want to buy coverage for your personal property, such as clothes, jewelry, and electronic equipment. Insurance companies sell standard policies, similar to renters insurance, that pay a fixed amount for each type of possession. There is also a limit on the total amount your insurer will pay for loss of personal property. If you think these amounts are too low, or if you own some valuable possessions, you can buy a rider to a standard policy to suit your situation.
It's a good idea to take an inventory of your possessions, especially your most valuable ones, and keep this record someplace safe, preferably not in your condo. Some insurance companies offer online inventory forms that help you keep a record of what you own. If you buy something valuable, such as a computer or a widescreen TV, keep the receipt and take a photo of the item.
You will need to decide if you want to insure your personal property for its actual cash value or its replacement value. If you own a twenty-year-old sofa, its actual cash value is probably only a few dollars. But its replacement value is considerably higher. Insuring your property for its replacement value costs more, but you might decide it's worth it to preserve your peace of mind.
Many policies will cover your personal property both in your condo and wherever you happen to be in the world. They will also cover the personal property of visitors.
When you shop around for insurance, be sure to ask agents about any discounts that might be available to you. Some companies offer a discount if you have smoke and fire alarms connected to a central alarm. You also may be able to get a discount if you buy a policy from the company that provides the master policy for your condo association.
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