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If you are looking into purchasing a condo, there are several questions you need to ask so that you can make sure you are getting the best type of insurance for your needs.
You Should Have Condo Insurance Owning your own home, be that condo, townhome, or house, is a wonderful thing. There are, however differences in the way you should manage your insurance coverage for these different types of units. Homeowners get insurance that covers everything on the property and protects against any liability. Condos are a bit different in this respect. If you are looking into purchasing a condo, there are several questions you need to ask so that you can make sure you are getting the best type of insurance for your needs. First Things First Before you get started, you want to check with your condo association to find out what their insurance covers. Frequently they will only insure the structure itself. This means that all your belongings and any interior structural items like cabinets, countertops, and flooring may not be covered in their policy. Additionally find out what their deductible policy is. If damage is sustained to one or multiple units, the condo association will have a deductible that they are responsible for paying. Frequently they pass this on to the condo owners, meaning that if you caused the damage you may be responsible for the whole deductible. If nature is to blame, they may divvy the deductible up between the owners of the affected units. Getting the Right Policy As you are likely responsible for replacing the contents and interior structures in your condo, now the question is, how much coverage should I get? You want to make sure that your policy will enable you to make the necessary repairs and replace lost or damaged items in the event of flood, fire, and other natural and man-made disasters. There are two basic ways to assess the value of your property in the policy. Cash value assesses the current value of the belongings in your home. This value does depreciate over time. Replacement cost value pays for the cost of replacing any damaged items at the current market price. Depreciation of items does not factor into this at all. You may also want to consider looking into getting coverage that will pay whatever portion of your condo associations deductible that you may be responsible for. Some insurance providers will pay your portion of the deductible as part of your insurance claim payout. Extra Things to Look At Anytime you choose to make improvements to your unit, these may not be covered with a basic condo insurance policy. Coverage can be added so that adjustments can be made to include the cost and value of any improvements or upgrades to your home. If you store any major equipment or toys on your property, you may want to see about including them in your coverage. You don’t want to lose your jet skis in a fire only to find out that that type of damage and loss is not covered by your basic insurance. Whatever your needs, the best thing to do is discuss your options with a certified agent who can help you find the best coverage. If you are looking for condo insurance in San Jose, Campus Insurance is ready to help. Call us, visit our website, or stop by our office today.
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