The condo insurance is just slightly different from renters insurance. The main difference between the two is that the condo insurance is more about liability coverage while renters insurance is about replacing the personal effects. When you are planning to buy a condo home insurance keep in mind the following aspects that will keep the premium at the lowest possible levels:
Check the Masters Policy – all condos have a homeowners association which also buys home insurance on behalf of the association. Called Masters Policy, this normally covers the exteriors of the condo and has a few rules that are applicable to every owner. You need to check the Masters Policy to ensure that you get a condo home insurance quote that covers all the interiors – such as furniture, appliances, personal belongings, etc. In case of total loss of the property, the Masters Policy will take care of the rebuilding of the condo and your condo insurance will take care of replacing the furniture and other effects lost.
There are two types of Master Policies, i.e. Bare Walls-in Policy and All-In Policy. While the first one will require greater coverage, the All-in policy will require minimum coverage.
Coverage Cap For Damages – the Masters Policy comes with a coverage gap, which will give you indication of what you should cover as contingent/ loss assessment coverage insurance to enjoy maximum coverage.
Safety Measures – the premium for your condo insurance will be further reduced if adequate safety measures are put in place. Smoke detectors, burglar alarms and so on will help a lot.
Deductibles Are Small With All Cheap Condo Home Insurance – though the deductibles are small, the premium is normally inexpensive as the Master Policy is protecting the majority of the property.
Home Insurance Comparison Is Important – to get your premium down, you may compare insurance providers online. This will give you a wide array of providers to choose from and also help you negotiate for best terms and price.
Cash Value Vs Replacement Cost Coverage – replacement cost coverage will attract higher premium, but it is worth the investment because in case of any loss, the insurance claim will replace the item.
Lastly, ensure that the condo insurance also covers particular natural hazards such as earthquake, flood or wind – if the area is prone to such occurrences.
To ensure you pay the lowest premium, juggle these aspects to ensure you get the maximum coverage for the least payment.
Speak directly with an agent at Insurance Medics, call now at 1 (866) 396-9140. Our customer enrollment center is open Monday through Friday from 9:00AM to 6:00PM EST and Saturday from 10:00AM to 2:00PM. We look forward to answering all your questions and having you as a customer.