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Condo Insurance: How to Get the Best Rates



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Best Condo Insurance: The policy will protect your belongings in the event of theft, fire or other disasters. This insurance also offers liability protection, as well as covering your hotel bills should you be forced to relocate due to a covered peril. The policy can pay for the removal of debris if you have been damaged in a covered event.

Understanding your needs is the first step in finding the best condo policy. To compare the coverage offered by different insurers and to find the best deal, you should obtain quotes from several.

The best condo insurers are those that offer competitive rates, good customer service and useful benefits. State Farm for example, offers an online quote tool which estimates your premium instantly based on the level of coverage and features that you select.


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Recommendations for Condo Insurance:

Dwelling is the most common type of insurance for condominium owners. It covers your condo's interior against certain types or damage. It pays to replace or repair your condo after it's been destroyed by a covered disaster, like a flood or fire.

The amount of coverage will depend on the type of property you have and what your insurance company offers. The standard policy will only pay the actual cash value. This means that you will receive the depreciated amount of your personal belongings at the time of the claim. You can choose replacement cost to receive the full value of all your possessions in case of a covered loss.


How much dwelling insurance you need depends on your condo value, mortgage balance and the amount covered by your condo corporation's master policy. The 20% rule is the most common way to calculate how much coverage you need. It states that, if your condo was destroyed completely, it would only cost 20% of its total value.

If your condo is damaged in a covered incident, the master policy for your association might include building property coverage. This will cover repairs or replacements of the interior. This coverage includes fixtures such as walls and built-ins, but excludes the roof and exterior of your unit.


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Add an endorsement on your condo policy if you own valuable items that are susceptible to being damaged or stolen. This will provide additional protection. If you have valuable antiques or art, it is important to insure them.

Second, personal property insurance is offered to condo owners. This type of insurance pays for the replacement or repair of damaged or missing clothing, furniture, or other valuable items. Most policies have a limit on the amount they'll pay for a single item, but you can add riders to extend this limit to valuable items such as electronics and jewelry.

It is always a good idea to shop around to compare insurance rates before purchasing a policy. This will allow you to save by bundling policies, increasing the deductible and taking other steps. Some insurance companies will give you discounts for installing deadbolt locks or smoke detectors.



 



Condo Insurance: How to Get the Best Rates