What Type of Home Insurance Coverage Do I Need For My Condo?

What Type of Home Insurance Coverage Do I Need For My Condo?

 

When shopping around for home insurance for your condo, the major consideration is: Do you rent or do you own? This will make a difference in the amount and type of coverage you should purchase. If you do own, you will want to check with your lender to get their requirements for coverage. If you rent, check with your landlord/owner or the property management company to see what is required of you as a renter.

 

Liability Home Insurance for Rented Condos

If you rent a condo, which is most common, you may be required to purchase some level of liability condo insurance. This is insurance that protects in case you cause damage to your condo (which you do not own) or any surrounding properties. It is required in many situations because it also protects the owner of the property. If you are on a tight budget and only want to purchase the least amount of coverage possible, then the simply find out what is required and stop there.

 

Home Insurance Coverage for Your Personal Belongings

If you are renting your condo and also want to protect your belongings or contents in the condo, you will need to get home insurance to cover these items. This will require you to do an in-home inventory to list the items you want covered along with their value (receipts are good if you have them). If you have some items in your condo that are worth more than $1,000, then you will want to look into a scheduled personal property rider. Items over $1,000 require this addition to your policy and will not be covered if they are not added in this manner.

 

Home Insurance for Condo Owners

If you own your condo, then your lender will have some requirements for your coverage. Even if you have purchased your condo without the use of a loan, you will still want the protection of homeowners insurance. As an owner, you will want the liability protection and contents protection discussed above. You will also want to add coverage for the rebuilding or repairing of the dwelling itself. This is a bit more, but if you are making a large monthly payment for your condo mortgage, you need to protect that investment.

 

Special Home Insurance for Condo Owners

Depending upon where you live, you may or may not need to seek out special coverage for your condo. Geography makes a huge difference in the type of perils your condo faces. If you live on the coast, you need to be wary of hurricanes and flooding. If you live near a fault line, you have to worry about earthquakes. If you live in the hills of California, mudslides can be a major worry. These are all devastating perils and, as such, your condo homeowners insurance policy will reflect this. Take some time to evaluate all the major perils facing you, talk to your lender or property owner, and get some price estimates to determine if you need to supplement your condominium insurance to cover these specific perils.

 

Online Rate Quotes for Home Insurance

You can seek out the cost of the coverage you need online by getting rate quotes. Many homeowners insurance companies offer their quotes for condo insurance online, which makes it really easy to compare rates and find the right price. Remember, you want to first map out the coverage you need and then look to find the best price. You may be surprised that you can save hundreds of dollars each year on your condo home insurance just by getting a few quotes and comparing rates. Why wait? Get your homeowners insurance quotes today!

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