If your future plans consist of purchasing a condo, you need to know that you should invest in condo insurance not long after you finalize your deal. Condo insurance is different than standard homeowner’s insurance as well as renters’ insurance. This is because it is designed to cover the specific elements that aren’t covered by the master policy of your condo association. Here at HBW Insurance Group, we want to share a few condo insurance buying tips with Catonsville, MD residents.
Find Out What’s Already Covered
The condo association is usually liable for providing insurance for the exterior of the property as well as common areas like the pool, gym, clubhouse, etc. Therefore, your condo insurance will need to provide coverage for the inside of your individual unit.
However, you need to find out if the master condo policy covers permanent fixtures in the unit like electrical, plumbing, appliances, carpeting, etc. If it does, then you only need to insure your personal belongings.
Each master policy is different, which means the coverage you need to purchase will vary. Take the time to find out what’s covered by the association’s master policy so you know what you need to insure yourself.
Evaluate Your Own Needs
A condo insurance policy needs to cover how much it will cost to replace your belongings in the event of a disaster like a fire or burglary. To ensure your policy limits are sufficient, create an inventory list of what you plan on having in your condo. This includes everything from your clothes and jewelry to the décor and electronics. Estimate the replacement cost of these items and total them up to determine an approximate amount of needed coverage.
Speak with an Insurance Agent
As soon as you have a decent idea of how much coverage you will need, bring a copy of the association’s mastery policy and your inventory list with replacement estimates to the HBW Insurance Group office. We can look over your paperwork and help you determine the best coverage for your needs. The sooner you can get started on the process of insuring your Catonsville, MD condo, the quicker you will be able to protect yourself financially.