Buying a home, whether it is a single-family home or a condo, is one of the biggest investments that most people make during the course of their lives. When making such a substantial purchase, it’s important to protect it with appropriate insurance. If you are buying or own a condo, condominium insurance is not only a good idea, you’re required by your condo association to insure your individual unit and the personal property inside.
Insure Your Property with Condo Insurance
A homeowners’ policy could get you covered, but if you own a condominium, condo insurance is likely more appropriate. With homeowners insurance, you could be paying for more coverage than you need in that you probably aren’t responsible for maintenance tasks such as keeping sidewalks clear of ice or making repairs to the roof or siding following a storm. Additionally, there’s a good possibility that some aspects of your condominium are covered by your condo association’s insurance policy, such as in the event that your condo is damaged by a fire that began in a common area. With condominium insurance, you’re paying for just the coverage you need.
Condo insurance could help you pay for the damages and loss in a covered incident. Covered incidents typically include:
- Freezing of plumbing system
- Lightning or hail
- Tornado or wind
How much coverage you need and the price of your policy will depend on the value of your belongings. Your insurance agent can help you estimate the value of your personal property. Additionally, there are limitations on condo insurance policies for such items as jewelry, collectibles, and guns. Your independent agent may suggest scheduling these items separately.
Types of Condominium Insurance
Though there may be different degrees and amounts of coverage, as well as extra options that may be available, there are basically two types of condo insurance choices: Actual cash value and replacement cost value. Which selection you make could have a big impact on what you could expect for reimbursement in the event of a covered loss.
Actual Cash Value (ACV) – This value covers your condo, plus the value of your belongings after deducting depreciation.
Replacement Cost Value (RCV) – This is the value of your condo and possessions without the deduction for depreciation.
The insurance decisions you make will impact the cost of your premium. Premiums for an ACV policy could be less than an RCV policy. Additionally, if you choose to have a deductible, and if so how much, may affect the cost of your policy.
Looking for something a little different? Philleo also offers homeowners’ insurance and renters’ insurance.
Bundle for Condominium Insurance Savings
Philleo offers a variety of insurance policies from which to choose and discounts may be available when you bundle your condo insurance with other policies, such as auto insurance policy. Ask your Philleo insurance agent about how much you can save by bundling multiple policies together.
Contact Us Today for a Condo Insurance Proposal
Contact Philleo for your free condo insurance proposal and advice on your coverage options. Our experienced agents can help you find the right policy to protect your home. Call us today to get started.