Some people do not understand the value of condo insurance. In general, condominium owners own their condo unit outright, while they have a shared interest and ownership in the amenities offered by the property, such as hallways, pools, fitness centers, etc. Most condo associations collect a monthly Home Owners Association (HOA) fee, which is used, in part, to insure the common areas. But everything within the four walls of your own unit is your responsibility to insure.
There are some things you have to decide when looking at condo insurance. First, you need to decide just how much coverage you need. Consider the value of interior structures in the condo, as well as the value of any recent upgrades you have made – for example, new flooring or new countertops that you have just installed.
You also have to decide whether you want to go with cash-value or replacement-cost coverage. The names of these types of coverage are fairly self-explanatory. At cost-value coverage, you are paid what the item is currently worth. For example, if you lose a three year old TV due to a flood in your apartment, you will be given a check for the amount it is worth after three years of wear and tear.
If you have questions about which type of condo insurance is right for you, or are looking to purchase condo insurance, contact the experts at Lock Insurance today. Our agents will help answer any questions you may have, and help you acquire insurance so you can breathe easier in your own home.
Don Westerfeld has been active in the field of Insurance and Financial Planning since 1997. Don grew up in Indiana later moving to Lakeland Florida where he continues to reside with his wife and children. When he’s not in the office you can find him enjoying the great outdoors. He has served on several charitable business and non-profit organizations and continues to provide guidance, advice and support to local charities.
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