May 22, 2015
Condo Insurance 101
Owning a condo is slightly different from owning a house, since there are some common areas that you share with the other tenants. While you still need insurance to protect your condo, you may not need as much, since some of the burden is taken over by the condo association. Knowing just how much coverage you need will make sure that you are protected from any disaster.
Before you buy your own condo insurance, make sure to check the master policy provided by your condo association to find out exactly what is covered. Most of the time, a master policy will cover all the common areas, such as the gym and your yard. They may also provide coverage for the actual structure of your unit, as well as the roof. Knowing how much coverage is provided by the master policy will help to ensure that you are not paying for double coverage.
Typically, your condo insurance is only needed to protect what is inside the walls of your unit. This includes both your belongings, and furniture, such as cabinets and flooring. If you have made any upgrades, such as installing wood floors and custom cabinetry, you will want to invest in extra coverage to protect the added value of your condo. When deciding how much coverage you need for your assets, you should create a home inventory. A home inventory should list each and every item that you own, as well as its value. Knowing what all of your assets are worth will make sure that you get the protection that you deserve.
For all of your condo insurance needs, contact the insurance professionals at Gateway Professional Insurance Services in Vacaville, California. We will work with you to make sure that you have the right amount of coverage, all at the right price.