| What Is New In Condo Insurance For 2010? |
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| Written by Ken Henry |
| Sunday, 03 January 2010 16:25 |
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If you have recently purchased a condo, your next step is to look at getting condo insurance. This is fairly straightforward, but you may want to keep a few things in mind that can help you get the best rates, while enjoying the most comprehensive coverage possible.
If you have recently purchased a condo, your next step is to look at getting condo insurance. This is fairly straightforward, but you may want to keep a few things in mind that can help you get the best rates, while enjoying the most comprehensive coverage possible. One thing to look at is what is affecting the price of your insurance policy. Have you had recent claims on your last policy? This can affect your price and cause it to go up. Unfortunately, it is not something that you can change, but by shopping around, you may be able to get several different quotes for comparison. You also need to look at what is being covered in the insurance policy. There may be items which are duplicated under the condominium corporation's policy. Generally, while you will need to cover everything inside your condo unit, including structural upgrades, you will not need to have elevators, roofing or other items included in your policy. Upgrades may include brushed concrete flooring, improved cabinetry or appliances, and better windows or floor tiling. If you have luxury items, you may need a rider. This can make sure they are insured but it can add to the cost. Because you have responsibilities to the condominium complex, you will need to make sure that you are able to meet those requirements through your insurance policy. Specific condo insurance policies reflect that in their wording, but you should make sure that the insurance policy you choose will mesh well with your unit holder responsibilities. When you are discussing your condo insurance with your insurance company, you should find out how your policy differs from a homeowners policy. One difference you may notice is the distance from the property that personal injury claims are covered. If you own a home incorporates some property, a homeowners policy will generally cover personal injury claims that occur on that property. But if you live in a condo complex, your needs are different. Many condo insurance claims will only cover personal injury claims that take place up to one hundred and fifty feet from your door. Who is covering your condominium corporation? You may find that you can save money if you use the same company to insure your individual unit. Because insurance can be quite expensive in general, you may find that it is helpful to be able to find ways to save money wherever possible. Condo insurance is different than homeowner insurance, but there are still ways to save money. This could include a higher deductible. The deductible is the amount of money you are required to pay out of pocket on an insurance claim. The higher the deductible is, the lower your premiums will be. By shopping smart when you purchase condo insurance, you can find a great deal that makes sure that you and your belongings are covered in the event of a fire or other damage. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. About the author: Ken Henry can help you find the solutions to your insurance questions. Get homeowners insurance rates from the best companies, plus get an exciting tip sheet on auto and homeowners insurance |