Home Insurance for a Condo
When you purchase a condominium, you own your "unit" and own a share in the common areas of the condominium -- the roof, basement, elevator, heating room, lobby, swimming pool, parking garage, or garden. As a condominium owner, you may be held responsible for harm you might cause to any part of your building, or to others who live or visit the condominium complex. A condominium insurance policy can remove some of the financial worries of condominium ownership.
You will have two separate policies to protect your investment. Your condominium policy provides coverage for your personal property, structural improvements to your unit and additional living expenses if you are the victim of fire, theft or other disaster listed in your policy. You will get liability protection to protect you for harm you might cause to any part of the building you live in or to others who live in or visit the condominium complex.
You may also have a "master policy" purchased and provided by the condominium board. This covers the common areas you share with others in your building like the roof, basement, elevator, heating room, lobby, swimming pool, parking garage, or garden for both liability and physical damage.
Sometimes the condominium corporation is responsible for insuring the individual condominium as it was originally built, including standard fixtures. In this case, you would only be responsible for insuring your personal property and any alterations you or a previous owner have made to the original structure of the condominium. In other cases, the condominium corporation is responsible for insuring only the bare walls, floor and ceiling. You would be responsible for insuring your personal property, plus things like the kitchen cabinets, built-in appliances, plumbing, wiring and bathroom fixtures. Take the time to find out what's included in the condominium corporation's policy. You can then decide what to include in your personal insurance policy.
Your standard property policy will have limitations in theft coverage for jewelry and furs, silverware, business property, bicycles, money, boat and motor. If you own any of these special items, it's a good idea to consider adding additional coverage to your policy.
When you make a claim, you first pay a small portion of the claim, and then your insurance company pays the rest. The portion you pay is called your deductible. The amount of your deductible affects the price of your insurance policy. The higher your deductible, the less the cost of your insurance premium, but there is a higher out of pocket cost to you should you file a claim.
The content above was provided by 24 Seven Insurance which was formed to help consumers find the highest value Free Insurance Quotes available. They strive to make the process easier for consumers that want to find the best possible insurance coverage at the lowest possible rates.
Your standard property policy will have limitations in theft coverage for jewelry and furs, silverware, business property, bicycles, money, boat and motor. If you own any of these special items, it's a good idea to consider adding additional coverage to your policy.
When you make a claim, you first pay a small portion of the claim, and then your insurance company pays the rest. The portion you pay is called your deductible. The amount of your deductible affects the price of your insurance policy. The higher your deductible, the less the cost of your insurance premium, but there is a higher out of pocket cost to you should you file a claim.
The content above was provided by 24 Seven Insurance which was formed to help consumers find the highest value Free Insurance Quotes available. They strive to make the process easier for consumers that want to find the best possible insurance coverage at the lowest possible rates.